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MasterCard calls for microchip in Credit Cards
MasterCard Canada is hoping to move Canadian credit card users into the 21st century and a Regina business is trying to stay at the head of the pack when it comes to smart card technology.
Credit Union Electronic Transaction Services Inc. (CUETS) is one of 12 Canadian credit card issuers to commit to using computer chip-enabled credit cards.
Although it is a clever system which will foil the fraudsters, chip and PIN couldn't be easier to use. Instead of signing a paper receipt to verify a card payment, you will be asked to enter a four-digit Personal Identification Number (PIN), just like you do now at a cash machine.
The majority of card holders will now have chip and PIN card. If you have not yet received your chip and PIN card yet, you don't need to do anything. Chip and PIN cards will continue to be issued throughout 2005, most probably when cards reach their expiry dates. You can continue to use non-chip and PIN cards in all outlets, and you will be asked to sign for goods, just as you always have done.
Originally posted by sardion2000
The possibility of RFID remote identity theft is what gives me the most pause. Some RFID can be read a few feet away Can you imagine the black markets reaction to this!?!
[edit on 3-1-2006 by sardion2000]