Those New Credit Card Chips Known as EMV Won’t Defeat the Data Thieves

Source: National Cyber Security – Produced By Gregory Evans

Those tiny new chips embedded in your credit cards promise to make it tougher for thieves to steal your data. But before the technology — known as EMV — is fully adopted and probably for a long time after the transition begins in the fall, credit card fraud seems certain to rise. In October 2015, changes in who is responsible for paying for credit card fraud will strongly incentivize card issuers and merchants to adopt EMV technology. This change is meant to decrease credit card fraud rates, but according to a new study by NerdWallet, the opposite is likely to occur, at least at first, as criminals head for other ways to commit card fraud. Here’s more about EMV, its limitations and how to protect yourself from fraud. What EMV is and how it works A credit card with an EMV chip — which is the small silver or gold chip embedded in the front of the card — is more secure than a traditional magnetic stripe card. (EMV stands for Europay, MasterCard, and Visa, the three companies that originally created the standard.) While magnetic stripe cards have static payment data that can be “skimmed” from one card and put […]

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