The banks are fighting real security hand over fist. Why? The United States lags behind even third-world countries in terms of financial transaction security, and it’s the reason for so many high-profile breaches such as Target and Home Depot. The new system looks impressive on the surface, but it does not provide the multiple-factor authentication required for a secure transaction. Technology has surpassed the analog signature as the de facto means of identification, but PINs can be changed at the first sign of a breach with little disruption for the consumer. Wake up, America! Your bank is not working in your best interests! Demand real security now!
The new chip cards and readers won’t stop card fraud but will simply shift it to a different area.