Source: National Cyber Security – Produced By Gregory Evans
New cards are coming — here’s what you should know Called “chip-and-PIN” cards thanks to the microchip found on them, these new credit and debit cards promise to make your retail transactions far more secure than the magnetic stripe-based cards you’re used to using. “Effectively what’s happening is that we’re going from a static environment to a dynamic environment,” says Carolyn Balfany, MasterCard’s senior vice president of product delivery for the company’s chip-and-PIN cards (also called EMV cards). For Americans, the change to chip-and-PIN is long overdue. As of last year, 83% of western European consumers had chip cards, compared to just 7% of stateside shoppers. France, the first country to adopt the new cards, did so back in the 1980s. But this is the year that the U.S. starts going all-in. According to information provided by VISA, industry analysts estimate 70% of the country’s credit cards and 41% of its debit cards will be upgraded to chip technology by the end of this year. At the beginning, the new chip-and-PIN cards will still carry magnetic stripes. That’s because not all retailers are prepared to accept chip cards, so the older tech will stick around a little while longer. But […]
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