Chip-and-PIN Credit Cards Coming in 2015?

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Sam’s Club has announced that it will soon be issuing a chip-based credit card. Hooray! However, it’s a chip-and-signature card, not one of the more secure, more logical, and more universal chip-and-PIN cards. But wait:

The other major security technology widely used on credit cards elsewhere [i.e., every country on the planet except ours] is PIN codes, which are more difficult to fake than a scribbled signature. The Sam’s Club cards will be PIN enabled but will primarily verify users by signature. The next generation of the cards, however, will primarily require PIN verification when they are issued next year.

Hold on. When did this happen? A few months ago, America’s credit card issuers were insisting that chip-and-signature was the way to go. The transition plans were all in place and it was what everyone had agreed to. Retailers didn’t have the technology for chip-and-PIN and consumers didn’t want it, because we were all too stupid to get used to using a PIN code with our credit cards.

Now, suddenly, chip-and-PIN is right around the corner? What’s going on?

UPDATE: I guess I haven’t been paying attention. In December Wells Fargo announced that it would offer chip-based cards on request. “Technically speaking, they are chip-and-signature,” says a Wells Fargo spox, “though the chip does have a PIN and can accommodate a PIN-based transaction if the situation required it (e.g. an unattended or offline kiosk.)” And JPMorgan Chase says it will be offering chip-and-PIN cards later this year. I guess the chip-and-PIN bandwagon is starting to gain momentum.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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