This time, it is a double edged sword. Previously, on the rare occasion that a new credit card was sent to me, if chipped, (despite having an RFID protective wallet) I would find the location, and use a paper punch to rid myself of this chip. This meant the card could not be scanned, and only by “swiping” would a transaction be completed.
I recently received a new DEBIT card; I hadn’t opened the envelope for several days, and was surprised to find that it too had become chipped. It contains a new set of account numbers I will need to memorize, and this occurred a good fifteen months prior to its original expiration date. The header on the form containing the new card read “We’re replacing your current card which may be at risk for fraud” *****RIGHT*****
As I was preparing to issue a check to my apartment manager for next months rent, I had not immediately de-chipped it.
Informing the manager of this new development, and my intention to de-chip it, I was told not to do this; apparently there is a new device (which 7-11’s are already implementing) that will not recognize your card, if it doesn’t detect the chip.
Dated October 5, 2015, Via the FTC:
“To buy something in a store, instead of swiping your card, you’ll put it into a reader for a few seconds. Then you might have to sign or enter a PIN. With each transaction, the chip generates a unique code needed for approval. The code is good only for that transaction. Because the security code is always changing, it’s much more difficult for someone to steal and use.”
You should go to their site and check out some of the comments this post generated. One demonstrates the need to keep up with notices you get about your existing cards.
I had one “encounter” with WFB, but it was their credit dept which was at fault. The bank manager was on the line with them for the better part of an hour; the problem was corrected, but the credit dept never admitted they were at fault, and never sent a formal apology. Some banks can be a total hemorrhoid when recognizing your consumer rights!
This example of technology being rammed down our throats is to be polite, disgusting. How soon other merchants will adopt this technology is anybody’s guess. The older stations that have you “swipe” your card will likely be replaced by these readers. Essentially, this means you should shop around NOW rather than later for an RFID wallet, to avoid being scanned by a stranger in the course of doing business, and having your personal I.D. hijacked.
I could only hope this technology won’t apply to credit cards, though that is a somewhat forlorn hope…
I remain UNamused. Please pass this along, and save others a migraine headache!