new-logo25Chuck Frank

Did you know that many retailers have not met THE DEADLINE for CHIP CARD READERS? I didn’t ether. In fact, I just noticed that the chip readers have chip-card-reader-photo1been popping up in various places. What’s the deal? Are they more secure? Not necessarily. Besides that, if retailers didn’t gear up for the chip cards fast enough, which has now passed, fraudulent use of the old magnetic strip card for a purchase would end up costing the retailer but not the card company.

But get this, the “certification process” which MasterCard, Visa and others use is purposely a slow process which causes the smaller, uncertified retailers to eat any fraudulent charges and then accept the liability. The new RFID chip reader deadline is a clever ploy for the card companies to make more profit. Thus, there has been a liability shift with regard to card issuers which places the extra debt accrued because of fraudulent money on the backs of the retailers.

In addition, let’s not forget that all credit card transactions are electronic and end up in Brussels, Belgium. But who, may I ask is looking at all of that personal and private data? Is your privacy protected? Well, here’s the rest of the story. Are you sitting down?
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