Bank said I am responsible when the fraud was done with a chip. What should I do now?

The bank sees what type of transactions are done with cards. They know when it was strip, chip, or used online.

That being said, the chip is currently impossible to mimic, unlike the strip. There's a reason why banks are transitioning to tap and chip only cards, and eliminating the strip, since the strip is a static code that can be copied with a skimmer, later used on a duplicated card. Since they can tell when the chip was used, and they also know it's impossible to steal the information on the chip to use for transactions, it means fraud with a debit or credit card utilizing fraud is impossible unless the individual physically has your real card. If you have your card, and you told fraud you had your card, they can deduce that you either are lying about the fraud, or a family/friend member of yours stole the card to use and put back, in which case that's friendly fraud. The bank is not liable for either of those two results.

Furthermore, the technology behind tap and chip is not only full proof at this time, but any individual who has the capability to crack them to duplicate chips/tap features is most likely one of the smartest individuals on the planet, which means they would be doing something else more meaningful with their time rather than stealing a college students card info. Furthermore, banks are willing to pay this 'hacker' millions to disclose how they did what they did so the banks can close that loophole, meaning there is not a single individual on this planet that has learned how to crack chip/tap features, yet.

Sorry to say, but the odds of you experiencing real fraud at the moment when the bank knows full well it was a chip use is super unlikely, and you're just trying to find a way to commit friendly fraud using this subreddit.

/r/personalfinance Thread