On Thu, Jan 7, 2010 at 6:36 PM, Ted MacNEIL <[email protected]> wrote:
> >That's the point of (EMV) "chip" cards. >They are inherently more secure. > > Why are they more secure? > INTERAC Canada has been telling us that they are. > So far, on their web-site, the proof presented has been: "They are more > secure". > > When they sent me my new chip card, through the bank I use, nothing had > changed. > They even kept the same PIN, which is supposed to be a secret. > > Except for a different slot in the debit machine, the process for payment > is the same. > > Where is the 'enhanced' security? > What makes it so? > > I honestly don't know if this is off-topic, because debit cards, in Canada, > are still processed on mainframes, for the Big Five, at least. > > And, the mainframe, if you aren't stupid, is still the most secure > processing environment, chip cards aside. > > (Yes! My bias is showing.) > - > Too busy driving to stop for gas! > > ---------------------------------------------------------------------- > For IBM-MAIN subscribe / signoff / archive access instructions, > send email to [email protected] with the message: GET IBM-MAIN INFO > Search the archives at http://bama.ua.edu/archives/ibm-main.html > I'm not trying to be argumentative here, but some of the number still don't just add up. On a global basis the largest card processor in the world clears and settles about 10 billion USD on 250 to 300 million transactions per day.. Or about 40 USD per transaction. Assuming that the average in S. Korea transaction is 5 USD. Then 200 million per day is a billion USD per day cleared and settled. This is over 360 billion USD per year. The S. Korean economy is 1.3 Trillion USD (2008) according to the CIA fact book. That would mean that 28% of the S. Korean economy is handled via Credit Card transactions. This is more than 5 times the rate of the rest of the world. If an average transaction rate of 20 USD was used it would be even more extreme. If a lower average transaction value was used, then fees and charges would be a large portions of the profits that merchant would be giving up. Something does not balance. That would ---------------------------------------------------------------------- For IBM-MAIN subscribe / signoff / archive access instructions, send email to [email protected] with the message: GET IBM-MAIN INFO Search the archives at http://bama.ua.edu/archives/ibm-main.html
