U.S. credit card firms ought to adopt biometrics in order to surpass the security standards of their European counterparts rather than simply catching up, according to a report by Fedscoop. Peters’ remarks come at a time when the chip-embedded credit cards rolling out in the U.S. fall short of the security features of credit cards in Europe. “Chip and signature [cards] … are actually behind where the Europeans and others [are], and we’ll probably leapfrog over that technology very rapidly to get into biometrics and other kinds of security measures,” said Michigan Senator Peters, who co-founded the Senate Payments Innovation Caucus earlier this year. Credit card firms in the U.S. have only recently been swapping out the old magnetic strip cards with new microchip-embedded cards, which creates a unique code for every transaction, ensuring that they are less susceptible to fraud. European credit card firms have been using this same chip technology for years. However, American chip cards simply require a signature for user verification, unlike European chip cards which opt for the more secure PIN system for authorization. Many retailers argue that chip and signature cards only partially protect consumers from fraud attacks and fail to offer any protection […]
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