The days of the magnetic strip on our credit and debit cards will be over on October 1st, 2015. Credit Card companies are switching over to credit and debit cards that house an EMV chips. “EMV” stands for Europay, Mastercard, and Visa. The chips are microprocessors embedded within the card that are supposedly more secure than cards with magnetic strips. So, what if you don’t wish to switch to the chipped cards?
Unfortunately, it looks as no one has much of a choice. Business owners that do not comply with the change to EMV chips will be responsible for any and all fraudulent charges made within their establishment. Let’s talk about why.
The Credit Card industry is calling this a “liability shift”. Currently, if someone steals your card, the card issuer is forced to absorb the cost of those charges. After October 1st, if you haven’t transitioned to the new card, you (the business owner) will be forced to pay for the fraudulent charges, because Credit Card companies have created this technology to prevent them from having to absorb the fraudulent charges. How safe are these cards?
In 2010, a team from Cambridge University found a flaw in the chip that was so serious, and so simple, they called on the banking industry to completely rewrite the EMV system. They were able to hack the cards in a way that forced the EMV reader to accept any PIN number they entered.
Then in 2011, another vulnerability was uncovered in the chip that would allow PIN harvesting, regardless of the verification configuration on the card. The harvesting can be completed with a chip skimmer. Both of the methods do not require much knowledge or much money to complete.
This will be a big change, but consumers won’t have to worry too much at this point, because, strangely enough, the new EMV cards will also come with a magnetic strip. This will allow you to continue making purchases with your already existing cards.
So we are going to see a major switch in this country, and many are calling this the mark of the beast. I’m not a religious person, but coming from a religious perspective, it makes sense to say the mark is money, specifically in the form of a chip.
But I don’t believe this is the ‘big one’. The big one is going to come 10 years from now when the government has made cash obsolete (citing the reason as ‘theft’) followed by credit card companies forcing people to walk around with RFID chips implanted in their fingertips or palm.
I don’t think this is a ‘major’ thing, but I do believe this is the first major step in the direction to the end of the different currencies around the globe. At that point, I’m sure everyone will be spending ‘credits’ that are doled out by government jobs, and only given to those that conform to the government’s will.
Be aware of what’s going on and don’t fall asleep. You never know, you might just wake up half-a-robot that is only allowed to leave his house when law enforcement gives you permission.