Comment Re:Encryption chips? (Score 1) 378
What do encryption chips have to do with anything? If a card is stolen and known stolen, the owner can report the theft and the card is deactivated, whether or not it contains an "encryption chip". If the card is stolen and the owner does not know it was stolen, and the thief also has the pin, then they can use the card, whether or not it has an "encryption chip". Or am I totally understanding what this "encryption chip" does?
The encryption chip prevents someone from duplicating your card, at least in theory. They could make a copy of your card using an ATM skimmer and then steal your PIN and you wouldn't even know that someone had access to your bank card.