[lug] OT: Credit Cards w/ Chips

[Donald]

> The whole credit card processing is one example of how the world would 
> be better if IT people were more in charge.  As many of these replies 
> have suggested, we just wouldn't put up with such insecure solutions 
> for so long.

The whole CC industry is based on convenience not security.

Years ago when the  CC companies introduced mag cards, they had to get 
the vendors to accept them and the uses to uses them. The current 
technology was checks.

Users saw the convenience is not carrying cash, but vendors saw too many 
bounced checks.
The banks guaranteed those checks.
I am sure those having a guarantee check card wished they could just use 
that card instead of writing a check.

Today the current technology is Mag Strips. The CC companies has to 
guarantee those as well.

As in the mag cards, will the CC companies shoulder the costs ?
( yes, we all know who actually shoulders those costs )

Anybody on this list is well aware of the under workings of this "new" 
technology.
The bulk of the user public would not understand nor want to see a change.

Are there any good articles written about the new chip technology that 
is accessible to the masses ?
( i.e. me )

I would be surprised that the CC companies would not like to save the 
amount of payout they do every year. But is it enough to pay the upfront 
costs to change.