Fraud-resistant credit cards are a long time coming

Credit Card Reform Legislation Would Tighten Rules On Rates And Fees

Source: National Cyber Security – Produced By Gregory Evans

 Powered by Max Banner Ads  The major credit card companies—Mastercard, Visa, Discover and American Express—along with the major banks that issue their cards, have set a deadline of October 2015 for widespread adoption of new, more financially secure credit cards in the U.S. The cards, with so-called EMV technology, have an embedded microchip that limits the amount of financial and personal data transmitted to a retailer at the point of sale. That means there’s less chance of fraud or a devastating data hack down the line. As of October, retailers will be responsible for the cost of credit-card fraud if they haven’t invested in and deployed new card-readers that exploit the new chip-cards. Card-issuers, meanwhile, have made a commitment to replace as many as possible of consumers’ old-style magnetic-stripe cards by the October deadline. Those old cards are easier to use for fraudulent purchases after the physical card has been stolen; the data communicated at the point of sale via the magnetic stripe is also easier to hack and use after purchase, once it is stored on the servers of a retailer or other financial institution. released a survey this week finding that as of February 2015, only three […]

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