Source: National Cyber Security – Produced By Gregory Evans
Have you received your new or reissued credit card with a chip that stores your credit-card data? The cards have a square, gold or silver metallic-like image. If we believe recent news reports, these “smart” chip embedded cards will help stop the growing cascade of ID theft victims. Unfortunately, it doesn’t appear to be working. Contrary to those reports, the roll-out of the new EMV (Europay MasterCard Visa) chip card actually will increase “new account fraud” and “account takeover” by 90 percent over the next four years, according to Javelin Strategy & Research. The new cards will help reduce in-person card fraud, but online transactions will disturbingly more than make up for this as ID-theft criminals take advantage of EMVs web weaknesses. However, if you’re a business, look out for the coming “liability shift.” More on this later in the column. Javelin Strategy said that card-not-present fraud losses totaled $10 billion in 2014 but will jump to $19 billion in 2018, according to its 2015 Data Breach Fraud Impact Report. For years, the traditional credit card with a magnetic-stripe has been the target for ID-theft criminals. Those cards store data in the stripes that does not change and is easy to […]
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