Chip and Pin Credit Cards Lower Fraud by 700%
It will take at least 5 years for Chip and PIN (or EMV) transactions to make up the majority of retail card processing in the U.S.
- Most large retailers are likely to implement Chip and PIN technology over the next two years
- Other technologies, like mobile or electronic wallets (e.g. Apple Pay), could become the preferred payment method over Chip and PIN card technology due to their ease and advanced security.
- Although Phase 1 (Chip and Signature) will prevent credit card fraud by making credit cards harder to clone, it WILL NOT make them harder to use if they get into the wrong hands. Therefore, continuing to closely monitor our accounts and personal information will help you avoid becoming a victim of fraud.
- Phase 2 (Chip and PIN) WILL make credit cards harder for thieves to use, which is even more reason to support the transition to the new technology.
John Sileo is an an award-winning author and keynote speaker on keeping your organization from becoming the next data breach headline. John specializes in making security entertaining, so that it works. John is CEO of The Sileo Group, whose clients include the Pentagon, Visa, Homeland Security & Pfizer. John’s body of work includes appearances on 60 Minutes, Rachael Ray, Anderson Cooper & Fox Business. Contact him directly on 800.258.8076.