Tom Gara spoke with MasterCard’s Carolyn Balfany about the new chip-based payment system known as EMV:
Part of the October 2015 deadline in our roadmap is what’s known as the ‘liability shift.’ Whenever card fraud happens, we need to determine who is liable for the costs. When the liability shift happens, what will change is that if there is an incidence of card fraud, whichever party has the lesser technology will bear the liability.
So if a merchant is still using the old system, they can still run a transaction with a swipe and a signature. But they will be liable for any fraudulent transactions if the customer has a chip card. And the same goes the other way – if the merchant has a new terminal, but the bank hasn’t issued a chip and PIN card to the customer, the bank would be liable.
The key point of a liability shift is not actually to shift liability around the market. It’s to create co-ordination in the market, so you have issuers and merchants investing in the migration at the same time. This way, we’re not shifting fraud around within the system; we’re driving fraud out of the system.
That’s an interesting way to make everyone is very much incentivized to update their systems. It sure seems like it will work. We’ll see. It’s ridiculous that the United States isn’t using the chips already.
There are also the words this year that were most conspicuous by their absence. They’re the words we don’t use when we talk about health care. Actually we don’t talk much about health care, we talk about health insurance. Fox News’s Jim Pinkerton says the absent words in the ongoing debate are “medicine,” “research” and “cure.” Do you want to make a dent in future health-care costs? Cure Alzheimers. That’s where the cost will be as the health of the baby boomers falters. Insurance isn’t the key. It was never the key. It’s a product. Cure and care are the words of the future.
There’s just something special about college football. What a moment (with proper Auburn radio call)
In effect, both Huxley and Lewis looked at a utilitarian’s paradise — a world where all material needs are met, pleasure is maximized and pain eliminated — and pointed out what we might be giving up to get there: the entire vertical dimension in human life, the quest for the sublime and the transcendent, for romance and honor, beauty and truth.
“ For almost a quarter-century it was the husband-and-wife duo of Henry and Holly Stephenson, two math and computer whizzes who did it all with nothing but a pencil and a piece of paper. This film is the story of how the Stephensons landed their first MLB contract and became The Schedule Makers.”
A much more serious man than the tabloid drama would suggest.
Leadership and votes matter. And as my family business and many others throughout the north country are now learning, ObamaCare isn’t what it was cracked up to be.
I’m running for Congress because residents deserve a representative who will advocate for common-sense health care reforms that spur small-business growth and help hardworking families, not hurt them. It’s time for new leadership.
If elected, Elise will be the youngest woman ever seated in the United States Congress. You can learn more about her campaign here.
You’re welcome, Toby Ziegler.
If you like your doctor you will be able to keep your doctor. Period," Obama said in a speech in Chicago in 2009. "If you like your healthcare plan, you will be able to keep your healthcare plan. Period.
There are two possibilities here, neither particularly kind to the President. He either did not understand his own law or he was simply lying. Anyone who knows anything about health care knew that statement was false (see Jake Tapper’s piece, Megan McArdle’s up now on Bloomberg or anything from 2009-10 on this blog).
Presidents and politicians dissemble. It’s what they do and a certain amount is tolerable. But Obamacare is the most dramatic (and costly) expansion of the welfare state in 50 years (since the Great Society). It is a vast and complex intrusion into 20% of the American economy and will change how doctors practice medicine and how Americans receive care.
I’m sure there are a lot of Americans who are angry at the law for no apparent reason beyond their general dislike of the President. So much for them. But there are others, myself included, who voted for this President in 2008, whose dislike of the law is motivated not only by its obvious shortcomings (it is the anti-anti-fragile approach to health care) but also the utter duplicity with which it was presented to the American public.
It’s too bad it took us four years to figure this out.