U.S. is Dumb About Smart Cards

The typical US consumer still swipes their card, credit or debit, with those same old black magnetic stripes. And, we hold our breath and hope they work, and don’t lead to erroneous (fraudulent) charges we have to defend. The rest of the world has switched to Smart cards, according to Peter Svensson, The Associated Press, in The Denver Post. “The problem with that black magnetic stripe on the back of your card is that it’s about as secure as writing your account information on a post-card”.

Svensson comments “Smart-cards (chip-based cards) can’t be copied, which greatly reduces the potential for fraud. Smart cards with built-in chips are the equivalent of a safe:  They can hide information so it can be unlocked only with the right key”.

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Posted in Cyber Data Security, Fraud Detection & Prevention, Identity Theft Prevention by Identity Theft Speaker John Sileo.
Tags: Chip, Credit Card, Credit Cards, Financial, Keynote Speaker, Security, Sileo, Smart Card, Smart Cards, Technology