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When you go to buy something to a shop and use a credit card, generally you provide all the necessary details to make a transaction, and the transaction is made without a good signature checks. Hence the idea how to hoard bank card data.
Not a good idea, perhapts that's one of the reasons why in Japan
people still mainly use cash and avoid credit cards.
[link]
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Is this true? I heard in some places there is a surcharge on paper currency, making it more thrifty to use a card. |
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I don't understand. Are you suggesting that we should revert
to signature checks instead of chip-and-pin? |
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Or are you suggesting that tills (do you mean card readers?)
should be adapted to download the magnetic stripe data so
that shop owners can defraud customers? |
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Anybody can take a credit transaction simply by
establishing a merchant banking account with the major
credit transactors (visa etc.). Then, if not blessed with
digital equipment, they may take what is called an
"imprint" of the card signed by the cardholder. At this
point the imprint may be manually input into a machine or
deposited directly at the bank as a check is. This anachronistic approach is due to the fact that credit cards
are the direct descendants of account cards which were
metal plates with your account information on them that
retailers could use to print checks for you. This is also why
the information on a credit card is embossed. So, in
conclusion: Whatever your idea is, it is nothing new. |
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