Major Credit Card Upgrades Planned to Reduce Credit Card Fraud
Credit card issuers have planned a major upgrade to the credit cards currently being used in the United States. All issuers are starting the change over from standard magnetic stripe cards to cards with magnetic stripes and an electronic chip or Europay-Visa-MasterCard(EMV) as its called. This will greatly enhance security and reduce credit card fraud and save consumers and issuers on credit card fraud. In the UK, where credit cards all come with an electronic chip, counterfeit fraud fell 75% in 4 years. If you’re currently looking into credit card deals, make sure you check out this guide before making a decision – httpss://best.creditcard/
To take advantage of reduced credit card fraud at the point of sale, upgrades are planned to start this year and should be completed by October 2015 at a total cost of about $11 Billion. Credit card issuers will be paying about $6.8 billion of the conversion fees. That works out to about $4 per card for an estimated 1.7 billion credit cards. For credit card merchants, their estimated 12 Million point of sale terminals will need to be upgraded at a cost of about $250 per piece. Banks will need to upgrade their ATMs as well and that will cost at least $2000 a piece.
If you have a credit card, you may have an idea of the interest you’re paying but when it comes to pay it off, you’ll be surprised at the total that figure has risen to. You can use this calculator to check your credit card interest – httpss://www.sofi.com/credit-card-interest-calculator/
Some Consumer Confusion Expected
Experts do expect consumer confusion between chip and signature or chip and pin when Credit Cards are upgraded from the standard Magnetic Stripe to credit cards with electronic chip technology. That’s where consumer education about credit card security can be of great importance. Consumers need to know how to safeguard their credit card transactions. Consumers may have to input a PIN for their credit card transactions. This has been sometimes implemented for Debit Card transactions, but for credit cards? Read more about the difference between debit and credit cards here.
Secure your Credit Card Transactions
Are you planning to just Sign or use a PIN? It’s a choice that reflects security and can help you greatly reduce credit card fraud. Read up on how you can protect yourself from the most prevalent types of credit card fraud here.
Read more about the planned changes here.(linked to article)
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