Topic: Emv

The United States lags behind Europe in adopting the more secure Chip-and-PIN (EMV) credit card system due to the high cost of upgrading terminals and cards. Banks currently treat the $5 billion in annual fraud as a cost of doing business, which is significantly lower than the $50 billion they collect in fees. The lack of consumer liability in the U.S. further disincentivizes banks from investing in better security technology.

The hosts examine the push toward a cashless society through the implementation of EMV chip standards and biometric ATMs. They highlight a marketing campaign in the Netherlands using the slogan "Pinning is Winning" to encourage consumers to abandon physical cash in favor of trackable digital transactions.