Source: National Cyber Security – Produced By Gregory Evans
If you don’t have one already, you will soon: banks will issue nearly 600 million new credit cards embedded with chips by the end of 2015. They say the cards will cut down on fraud that is costing companies billions of dollars every year. Consumer expert Amy Davis looked into how the new cards will work and if they’re really as secure as some say. Target, Home Depot, Neiman Marcus — thieves have hacked into payment systems at major retailers, stealing credit card information from millions of customers. Billions of dollars later in refunds and reissuing cards, the industry’s answer is chip-enabled credit cards. “Cloning the chips will be hard,” said Chris Bronc, a University of Houston computer security professor. That’s the idea. About two out of every three fraudulent credit card charges are a result of a thief accessing your card information, then using it to make a counterfeit card and putting all of your account data right on the magnetic strip of the phoney one. But the chips don’t transmit your account information when you make a payment. “When the chip card is being read by the terminal, the computer chip on the card is generating a unique […]
For more information go to http://www.NationalCyberSecurity.com, http://www. GregoryDEvans.com, http://www.LocatePC.net or http://AmIHackerProof.com
The post How secure are new chipped credit cards? appeared first on National Cyber Security.
View full post on National Cyber Security