Source: National Cyber Security – Produced By Gregory Evans
On the 1st of October, the deadline for credit card retailers & issuers to start supporting smart chip or EMV-chipped credit cards passed. As per experts, these cards help increase the encryption on transactions as it generates a new number & encrypts it every time that the card gets used which theoretically reduces the odds on any credit card fraud. But, there are still a lot of people who believe there are risks still as far as these credit cards are concerned and that fraud is still something that new users of credit cards will have to be wary of. Steve Weisman, of USA Today framed this story by explaining that around 40% of consumers have got their new cards according to a survey conducted by CreditCard.com. A spokeswoman for VISA even said that as of the middle of September, just 20% of their card holders had received the new EMV-chip cards. That is 151.8 million of their customers but still a very small part of their entire customer base. This is where scam artists have the potential to get involved. Weisman spoke about how these scammers benefit from this problem of not enough people having chip credit cards. They […]
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