Bilboo-this is not quite correct. As you say in a later post, the liability is shifted to whoever-the bank or the merchant-has the worst technology. The consumer will still not be penalized. This is a way to get stores to adopt the new EMV technology. Otherwise, why would a store spend a massive amount to update their credit card system if the banks still had to accept cards from people running a magnetic stripe?
First point I'm muling in my head. I'm still struggling a little with how biometrics makes this card that much safer. It won't help in the case of identity theft where the thief applies for an account in your name. It won't help in the case of a data breach (think Target) where the thief can use your card data at will on the web. It only protects you from physical theft of the card, which I'm guessing only counts for a small percentage of fraud.
Second point I'm mulling in my head. Why hasn't our fearless leader at least given us a few details on how the card will work? "Using a patented ultrasonic..." or "Using a patented capacitance ..." sensor. This would make me believe that there is a product coming so much more than simply saying we have a contract with a company to make them. Does anybody have a medical keyring that they could look at the biometric sensor on?
Oh well, this was always a gamble for me. It is kind of fun looking at the back and forth on the board, but I feel really bad for those that have tied a lot of money up in this. It is hard to keep the faith right now, but I'm still long and waiting for something good!
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