Wal Mart MasterCard Chip & PIN - $6600 Fraud Not Refunded (article)
Here we see what some RFDers have been warning about for years - the real reason why banks want Chip & PIN:
Of course we know that each credit card's TOS is a bit different, and they each have their own security departments that can treat these situations differently.
IMO, the real issue is that we need legislation stating that a PIN is not proof that the cardholder used the card, or gave permission to someone.
One thing I will say: I'm sure glad I do not have the Wal Mart MasterCard!
Article: LinkA Winnipeg couple who say they were pickpocketed in Mexico are out $6,600 after someone apparently used the PIN on their credit card to make fraudulent purchases, and their credit card company says that's enough reason to not reverse the charges.
(...)
Since then, they've been in a months-long fight with Walmart Canada Bank, which issued their MasterCard. The company says it won't reverse the charges because it appears the person who used the card knew the four-digit PIN, and the cardholder agreement states a consumer must protect the code.
Of course we know that each credit card's TOS is a bit different, and they each have their own security departments that can treat these situations differently.
IMO, the real issue is that we need legislation stating that a PIN is not proof that the cardholder used the card, or gave permission to someone.
One thing I will say: I'm sure glad I do not have the Wal Mart MasterCard!
- casual gastronomist -
