CBS 11 - Meant to protect customers from credit card fraud, most cards now have security chips, and many businesses bought the chip readers to go with it. But more than a year after they became common place, research shows that identity theft is actually up.
Consumers and businesses switched to the chip-based cards and readers 16 months ago to deter theft. But a study released this week from Javelin Strategy and Research found that identity fraud cases rose 16 percent in 2016, which equates to 15.4 million new victims – a record high. Lane Conner, founder and CEO of credit card processor Fuze said the chip roll out was bungled from the start, in part because it was supposed to require a pin – not just a signature.
He also said the increase in e-commerce is to blame, since online shopping offers virtually no credit card protection. F
2 comments:
If nothing else ask your local grocery store how many people leave chip cards behind after making purchases. Most stores have a box full of cards that have been forgotten and are waiting for their owners to remember them.
The whole chip card is a disaster, and it doesn't surprise me in the least that they do not offer the security that was promised.
THE CREDIT CARD SYSTEM OPERATES WITH USURIOUS AND NOW WITH THE CHIP CARDS HAS PASSED HAS, WITH THE CHIP INTEREST RATES AND EQUALLY USURIOUS FEES NOW ADDS INSULT TO INJURY WITH THE CHIP CARDS PASSING FRAUD RISK TO THE RETAILERS.
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