EMV cards

I think you have the wrong "name". The new credit cards are "chip and pin" (not EMV) which replace the magnetic strip on the back of your card. I do not understand how it works, but each time you use the credit card your number changes so no one can copy your number and use it. Europe moved to this new technology 10 years ago but maintains the ability, in most places, to read the old magnetic strip. It works so well that all the credit card scammers target (no pun intended) only US credit cards because of our old technology. The banks here refuse to spend the money to convert to this better technology because the cost of covering the fraud is cheaper. You can get a "chip and pin" credit card for use in Europe from a few of the high cost credit cards companies that cater to travelers. You can also get a free "chip and pin" credit card from USAA (I just got one). Note, these cards also come with a magnetic strip so that you can use them in the US and therefore they provide no extra protection.

Eye opening, Karen! I'm stunned that the liability will switch from the banks to the merchants in 2015. This was quite an informative program. Diane Rehm seems to have little patience for the representative of the banking industry.

@Bob, I might not know a lot, but I do know that Karen is pretty informed. If you listen to the segment, you'll hear that EMV is the industry name for chip and pin.

@ Karen,

Ive talked to several people over in Europe and they said the "chip n pin" cards arent the solution that many think they are. To me, if theres money to be had illegally, there will be alot of people trying to make it.

also, what it comes down to is the info thats out there, not just credit cards. You dont need a credit card to get the $$$. Also, since the banks dont give a rip about the looses but just pass it onto us (the users) there will be nothing done.

happy trails.

@George, Thanks. I played it two times but still missed that individual merchants will be liable only if they AREN'T using the EMV standard at the time of the fraud as of 2015. So the credit card companies will still be liable if the merchant is using the standard. Well it looks like the US will be switching to chip and pin pretty quickly. Thanks!

"The new credit cards are "chip and pin" (not EMV)"

To be more accurate, "Chip and Pin" is the brand name of the EMV standard adopted in the UK. The generic term to cover such cards is actually "IC card", EMV is the standard used by Europay, Mastercard and Visa, and "Chip and Pin" is a specific brand within that standard.

The frustrating thing is the tug of war going on between merchants and card issuers regarding the EMV cards. As a small merchant, I can tell you that the processors seem to dismiss me when I say that I want to have a machine that will take the chipped cards. They don't seem to think the need is coming anytime soon. And yet, it seems I'll have liability for fraudulent usage by the end of 2015.

@ George,

And, I have no idea what this means -
"Ive talked to several people over in Europe and they said the "chip n pin" cards arent the solution that many think they are. "

what its means is that some there is still an issue with fraud overthere. Just because its a "chip n pin" doesnt mean its crime free.

happy trails.

In the past 6 months or so, every chain store in my area (CVS, Walgreens, Kroger,etc) has updated their card machines to ones that are chip and pin compliant. I've been wondering if this be a sign that the cards will finally become the standard here.,

10-ish years ago, Target actually had chip-and-PIN readers in their stores (locally, anyway...); after several years of non-use, they were replaced...

Chip-and-PIN cards have their vulnerabilities as do the US cards; they're just different vulnerabilities. There used to be major differences in how criminals in different countries stole data - from physically handling the cards (for instance, waiters writing down cc numbers, making photo copies of cards, etc.) vs electronic theft like the Target, et al, case. Looks like the hackers are going to take over the lead :-(

Use cash $ € £; make Grandpa happy. ("We used cash 'cause that's all we had, and WE LIKED IT THAT WAY!")

I'm still not convinced US banks and merchants will move to true Chip+PIN. I'm worried that they will either do Chip+Sign or come up with some totally different scheme and we'll still be in the same position when it comes to what is done in Europe and elsewhere..

Can you still use ATMs in Europe with a standard magnetic strip card? I am going to get the chip and pin on my credit card.

In general, yes. In researching our upcoming trip to Italy the best I can determine the magnetic stripe ATM/Debit cards will work in the European ATMs. Most places the magnetic stripe credit card will be accepted. The only place it appears that a pin and chip credit card is necessary, in Italy, is at gas station pumps (when there is no attendant), autrostrada un-manned booths and there are conflicting reports on the train kiosks. So, I will carry one pin and chip credit card.