parislemon

parislemon:

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.

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.

Elise Stefanik - Watertown Daily Times | We deserve better than ObamaCare

If elected, Elise will be the youngest woman ever seated in the United States Congress. You can learn more about her campaign here.