New credit cards are arriving all over the county that have security chips that are designed to cut down on fraud. The changeover is leading to some confusion and questions about why its all necessary. One reason is that it moves the U.S. toward a world-wide standard for accepting credit cards. The new cards are called EMV chip cards. That stands for “Europay, Mastercard and Visa. They became the norm in the European Union 10 years ago; in 2012 Canada joined and now, finally, the U.S. has decided it’s time too. Why now? Because almost half of the world’s credit card fraud happens to U.S. consumers. The cards contain tiny chips that give every transaction a unique encryption code, instead of using the same card information over and over, like with the magnetic strip cards we’ve gotten used to swiping. The chip stops thieves from stealing your card info and then duplicating it, according to Carolyn Belfany at Mastercard. “We’ve seen dramatic drops in fraud in other markets as soon as chip cards are distributed to consumers by 70, 80 or more percent,” she said. The chip cards also make retailers liable for any fraudulent transactions that happen at the […]
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