>> How can that be any less secure than using a pin at an ATM?
>
> Because the PIN at ATMs is checked back with the bank, not from the 
> card itself?  Reading a stripe is
> straightforward, and it's just a question of decoding it (not 
> trivial, but not impossible).

Transaction from swipe machine to bank is done "while you wait" using 
(s0 far mainly) phone line connection - takes about 10 seconds. PIN 
confirmation can therefore be done with bank.

        RM

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