Sunday, February 16, 2014

Will chip-technology in debit cards really solve the problem?

The media have reported that "chip" technology credit and debit cards will replace today's magnetic stripe technology by late 2015.

But that will not really make a lot of difference unless people have to enter pins -- and probably strong ones, like strong passwords, for every transaction.  

People may have trouble remembering long passwords at ATM's.  They might be able to sync them with smartphones, but these can be stolen, even at gunpoint.

Is this a solution?  

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