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Renewed Push for Chip-Based Credit Cards
Renewed Push for Chip-Based Credit Cards

By Bree Fowler
May 29, 2014 9:47AM

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Card processing companies say a move away from the black magnetic strips on the backs of credit cards would eliminate a substantial amount of U.S. credit card fraud, and that it's time to offer U.S. consumers the greater protections microchips provide by joining Canada, Mexico and most of Western Europe in using the advanced tech.
 



(Page 3 of 3)

Banks say that despite the jump in high-profile data breaches, fraud still accounts for a small fraction of total transactions processed, while the cost related to issuing chip cards to all of their customers and switching out all of their ATMs is substantial. Banks have urged lawmakers to make retailers more accountable for their own security in hopes of recouping more of the losses from cybercrime.

Richard Hunt, CEO of Consumer Bankers Association, says that in cases of major fraud, banks have generally been able to collect only pennies on the dollar from the retailers involved.

Hunt says even if banks put chips in cards, it won't do any good if retailers don't upgrade their systems.

"We have to improve fraud prevention across the board," he says. "There are people who get up every day across the world with one mission and that's to break credit card technology. But there's no magic pill out there. The solution involves everyone."

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© 2014 Associated Press under contract with NewsEdge. All rights reserved.
 

Tell Us What You Think
Comment:

Name:

Bill Pratt:

Posted: 2014-06-04 @ 2:38pm PT
The change-over costs of broad based retail use makes leaving the
status quo alone by most retailers. They prefer to just let customers
pay for the losses by interest rates and service fees.
This is factual and admitted by my bank's personnel.

CreditCardXPO.com:

Posted: 2014-06-04 @ 7:21am PT
Lots of countries, even developing ones, have been using this chip based technology for years to prevent fraud. It's about time we get aboard.

GoForChip:

Posted: 2014-05-29 @ 7:21pm PT
Credit card companies should follow Microsoft's example with Windows XP and pull the plug on the legacy magnetic strip.



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