From: "Aztech" 
Newsgroups: uk.finance
Subject: Re: Chip and Pin - More secure for who?
Date: Tue, 07 Sep 2004 17:59:59 GMT

"Fred Bloggs"  wrote in message 
news:fa2f473d.0409070727.4936142e@posting.google.com...
> Old style: mag stripe used to access the account. many places don't
> check the signature properly, so even if you can't take cash out of
> cashpoints people can still use stolen ones.  if your money went
> missing it's trivial to check the signature used by crooks and prove
> that it wasn't the owner who used it.
>
> new style: all done with pin numbers(eventually, once the dual mag
> strip and chip and pin has been reduced to just chip and pin). someone
> steals your card, or robs you at knifepoint and says `what's the pin`.
> i'm going to give him the pin rather than be murdered, thanks. does
> the bank take this as a breach of the `keep the pin secret` part of my
> contract and hold me accountable/responsible for any stolen money? if
> so then i think i'm better off with the old system, aren't i?
>
> anyone one know the answer to this one?

Not sure, wouldn't it be /they/ using the card fraudulently? They'd have to be 
quick.

As for being better off with the old system, potentially every time you use your 
card somebody could be swiping it, that's what causes the majority of problems. 
The chances of fraud arising from muggings is probably quite small by 
comparison, I sure they've looked into the figures regarding cash point cards 
and worked this out.

Of course the consequence of making posh cars practically unstealable fuelled 
car-jacking, some gangs have already started targeting bank lobby's etc.


Az.