Quote:
Earlier this week, Home Depot Inc. sued Visa and MasterCard at an Atlanta-based federal court, accusing them of reaping high fees while refusing to require the use of PINs with chip cards to thwart fraud. Merchants can’t refuse MasterCard and Visa-branded cards without losing customers and sales, according to the antitrust claim, which seeks unspecified damages.
“Regardless of how the cardholder’s identity is confirmed, the chip makes data much more secure, rendering it almost useless to create fraudulent cards or transactions,” a MasterCard spokesman said in an e-mailed statement. Visa said it will seek to consolidate the suit with litigation filed previously.
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Wow, they got this backwards. The chip with PIN decrease security and it shifts responsibility completely to the consumer while removing all responsibility from the retailer. I'm always surprised people still think this is more secure.
