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I was in a TD branch on the weekend updating some information and was offered to replace my debit card with the new version they are rolling out. The new cards have embedded chips in them and the rep explained to me that new readers are being rolled out to retailers. Other banks have already issued the new cards too.

Now, I have never seen these up to now in Canada. I know that credit cards in Europe have the embedded chips. Anyone else have one? I only use debit to withdrawal cash. I mainly use credit cards to pay for things. So I don't pay attention when other people pay with debit. These cards could have been in circulation for the last 10 years and I would not have known about it.

The funny part was that the new cards do not have your name on them, so if it gets lost, "it cannot be traced back to you". However, you have to sign the back of the card. So anyone with a legible signature will now have identified his card. :rolleyes:
 

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I have seen the embedded credit cards, not yet the debit. I think all the companies/banks want to convert to the new cards over the next few years. Moneris just changed our debit machine at work, so maybe the process has speeded up. They are supposed to be more secure than the old ones, but hackers will eventually find a way in anyways. From the other side, they are easier to handle as the customer doesn't have to sign the CC receipt.
 

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I have a visa with the chip - have been using for a while now - fall of last year was the first time I found some places actually using the chip.

Now, in Halifax, I find that about 50% of retailers use it, from mom and pops to the big box stores.

I have no objection to it.
 

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The magnetic stripe died on my old debit card, so I requested a replacement. The new one has the chip embedded in it.

My name is on the card just like it was before - actually the card itself is pretty much identical to the old one, except it has the chip added.

Using the card at a retailer with the old-style equipment is the same as before - hand the card to the clerk, they swipe, and then you enter your info on the PIN pad.

I've come across a few retailers that have upgraded equipment that read the chips. With these the card never leaves my possession - you slide it into the bottom of the PIN pad and leave it there until the transaction is approved.

The only problem I've had is that I need to ask the clerks whether their systems have been updated or not. A lot of the non-upgraded systems have PIN pads with a non-functional slot in the bottom, making the equipment indistinguishable from the new ones.

I do like the idea of switching credit cards over to the new system - a PIN is far more secure than a signature IMHO.
 
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