EMV

The goal of adopting chip cards — to provide tighter security — is a noble one. But by going partway, authorizing transactions with signatures rather than four-digit codes, banks are watering down that security, at least for lost and stolen cards.

A group of attorneys general from eight states and the District of Columbia have jumped into the debate over PIN versus signature requirements for EMV cards, choosing the side of retailers.

The glacial pace at which card providers and merchants are adding EMV chips to their cards and payments systems benefits no one, and opens new possibilities for card fraud.