How NOT to Deal with Credit Card Fraud: A Case Study

[brooklynite]

8. In your situation the microchip card would be useless...

...unless your computer comes with a chip reader, which they don't (even in Europe). Microchip cards are great AT THE POINT OF SALE (store terminal or vending machine); however, the reason we don't have them here by and large is because we have a more reliable phone network, so the stripe reader can validate the card and transaction fast enough to be useful. HOWEVER, if you're buying something online, there's no way to validate the card other than with the security code (which could also be stolen), so microchip cards don't add any additional security.