Source: National Cyber Security – Produced By Gregory Evans
Powered by Max Banner Ads ATLANTA – Nearly half of all credit card fraud worldwide occurs in the United States. This is not simply because there is more wealth, but because it is simple to steal the information. After dozens of security breaches at major retailers such as Target, credit card fraud is front-and-center, and comes as the credit card industry is moving to a safer method of card – the EMV chip. This chip – named for Europay, Mastercard and Visa – is embedded in the credit card. When the card is swiped at a store, the machine reads the chip as well as the card. This, coupled with a more secure encryption, makes it more difficult for thieves to steal and use the information without stealing the physical card. “The adoption of chip technology has the potential to virtually eliminate counterfeit fraud when widely adopted, and will help consumers feel more confident about using their payment cards,” said Ellen Richey, chief enterprise risk officer of Visa. “Moving quickly to adopt technologies like chip cards, and digital account numbers or ‘tokens’ in place of payment account data, will further protect personal account information by putting it in a form that, […]
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