Mastercard Will Be the First to Remove Magnetic Stripes from Its Credit Cards

[David_Schroth]

Making payments through a phone that only gets very infrequent security updates (most of them) makes me nervous. I've never used any of the phone payment apps for that reason.

Yet, when paying with a credit card, it's the banks money on the line and you're protected by federal law (at least in the states). I suppose it may cause some paperwork, but it's not going to hose you.

Now, debit cards are completely different animals under federal law. They should be deactivated and shredded to fix your fraud risk.

 

[Zarathustra]

Yet, when paying with a credit card, it's the banks money on the line and you're protected by federal law (at least in the states). I suppose it may cause some paperwork, but it's not going to hose you.

Now, debit cards are completely different animals under federal law. They should be deactivated and shredded to fix your fraud risk.

That's the way it should work, IMHO, but I've heard of cases where people have had to fight hard for this, like where your Apple Pay draws from your bank account, and if there is fraud, Apple Pay points their finger at the bank, and the bank points their finger at Apple Pay.

I really don't want to deal with that nonsense.

 

[David_Schroth]

That's the way it should work, IMHO, but I've heard of cases where people have had to fight hard for this, like where your Apple Pay draws from your bank account, and if there is fraud, Apple Pay points their finger at the bank, and the bank points their finger at Apple Pay.

I really don't want to deal with that nonsense.

Apple Pay will also pull from credit cards. Never let them draw from your bank account - they're literally printing money on that transaction as they keep the entire spread that you could be earning in card benefits.

Apple Pay also takes on the liability for fraud for a larger cut from the banks - file a credit card dispute with your issuing bank and it should all buff out (though, Apple may ban you from using Apple Pay for the chargeback).

 

[Brian_B]

It's always the tradeoff between security, privacy, and convenience.