Chip & PIN vs. Chip & Signature
Summary: The Obama administration issued an executive order requiring federal agencies to migrate to chip-and-PIN cards for employees issued payment cards, departing from the chip-and-signature approach most U.S. banks have adopted. The post cites Aite Group's Julie Conroy saying Visa has pushed chip-and-signature while MasterCard has promoted chip-and-PIN, and Gartner's Avivah Litan saying MasterCard is neutral.
Bottom line: Litan notes that chip cards still store cardholder data on a magnetic stripe as a backup, so thieves can still steal and counterfeit that data, with estimates of about 2018 before the stripe can be removed.
Read the original at Krebs on Security ↗
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