Should PINs Be Required For Credit Cards?

My short answer is, yes

Reuters News Service says, U.S. retailers push banks to use PINs on credit cards.. According to this report there's an "estimated $7 billion-plus in annual U.S. card fraud.". Gosh gee willikers I wonder who picks up the tab, the banks? Think again.

Like everything else in the United States we're behind European countries. U.S. News Magazine reports if traveling overseas "most European countries rely on chip-and-PIN technology – which requires you to enter a code, as you would with an ATM, rather than signing – and sometimes a chip-and-signature card won’t be accepted."

I honestly can't understand why we're always a dollar short and a day late when it comes to the rest of the world. Yeah OK if a card is reported stolen right away the holder can't be out more then fifty bucks. BUT DAMN 50 bucks is still 50 bucks. Plus on top of that the card is put on hold until a consumer can get another one. Fat lot of good that will do at the cash register or hotel desk if someone needs to have a transaction go through.

Some may opt instead to use a debit card because they require a PIN. The problem with that is how we've seen stores servers hacked. It's one thing to get a credit card hacked. Entirely another when someone's checking account gets whacked. It may takes days or weeks (if ever) to get the money back. Anyone getting a hold of that information can also change the direct deposit going into them as well Think about that!

Seems to me these scholars running the banks should visit the wizard.