Silicon Valley’s darling of the credit card payment industry, Square, has released another hardware iteration of their magstripe reader. European watchers will note the system still doesn’t support ‘Chip and Pin’. While it’s not a deal-breaker for me, I continue to be amazed at the lack of security for the customer in the US credit card industry.
At least in the UK retailers will check the signatures match – the majority of US transactions I’ve had swipe the card, hand it back, and then ask for a signature.
I await Square’s launch in territories with stronger fraud protection systems with ‘keen interest’.