Credit & Debit Cards of the Modern World Approval Technology

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Replied by kdb030609 on topic Re: Credit & Debit Cards of the Modern World Approval Technology

It can also help the US banks from being the victims of foriegn fraud. European fraudsters like US credit cards because they are so easy to counterfeit.


You are so right Colonative on the European Fraudsters. I've had to have a couple of cards cancelled and new account numbers reissued. Two Citi & one US Bank card because they somehow generate credit card numbers. I've never even been to Europe!
8 years 3 months ago #1

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Replied by ColoNative on topic Re: Credit & Debit Cards of the Modern World Approval Technology

It can also help the US banks from being the victims of foriegn fraud. European fraudsters like US credit cards because they are so easy to counterfeit.
8 years 3 months ago #2

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Replied by Joeyman on topic Re: Credit & Debit Cards of the Modern World Approval Technology

I'm the little Joeyman from Portland, Oregon. Hehe. :innocent:
8 years 3 months ago #3

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  • Wanderer
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:innocent: For the world travelers, the use of credit and debit cards is a wonderful conveniece. The challenge comes when the technology for credit or debit card authorizations is not compatible. The world outside the United States has switched from the magnetic strip with signature to the new (supposedly more secure) chip and pin technogy (rather than a signature) for approval. Canada switches from the magnetic strip to the chip & pin technology during 2012.

What to do? Not to fear, Chase and Wells Fargo Banks are rolling out dual convenience credit and likely debit cards the summer of 2011. First cards going to test markets and those who have a track record of foreign travel. Chase says they are converting their Columbus Ohio card processing plant to make chip & pin cards with the magnetic strips (dual purpose) for more general issue. :cc:

What both banks state they want to do is issue cards that have both the magnetic strip with signature and the chip & pin (or signature) technology so United States issued card holders are no longer inconvenienced and at a world wide disadvantage.

Sounds good! Now remember, many of the worldwide travelers are business people and those with high incomes. Today, the banks are placing a premium on the higher income people and those with the higher FICO scores as they are considered to be better risks and offer a higher potential for spending with quantity in dollar transactions.

No matter what the reason, likely we will all benefit over time by having the maximum capabilities for our credit and debit card usage through dual track magnetic strip and chip & pin technology authorizations at our finger tips.
8 years 3 months ago #4

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