Manchester, NH — May 11, 2016 — Identity theft is one of the fastest growing crimes nowadays. It can happen to anyone at anytime and anywhere. Consumers are always susceptible to these crimes and this is why more and more security measures are being develop to fight these crooks.
Chip-enabled credit cards may provide more safety at a price. Many people use credit card to make purchases and other transactions. However, unfortunately, they are also the ones who are at risk of becoming victims of identity thieves.
According to statistics, criminals have victimized about 40 million credit cards and stolen personal data of around70 million customers. This only shows how easy crooks steal and get away with it.
John Mulligan, Target’s chief financial offer, promised to improve security for their customers. They would do this by achieving more secure payment cards. Mulligan calls it the chip technology, which pertains to credit cards and debit cards that have embedded microchip in them.
The microchip contains the credit card information of the owner such as the card number, card holder, and expiration.
The chip technology is widely used in European countries, and is believed to provide improved protection of consumer information. This is because the chip is encrypted and the cards are designed to be difficult to counterfeit.
In the United Kingdom and Canada, there has been a huge decline in payment-card fraud, and this is believed to be due to the chip technology. While these chip-enabled cards are believed to be helpful, they are nonetheless costly.
According to Al Vrancart, an industry adviser and founder of the International Card Manufacturing Association, the cards cost six to eight times as much as traditional magnetic-strip cards. Personalising a card such as adding the card holder’s name and other details, could cost twice as expensive with chips than with the strips.
In the United States, roughly 1 billion cards are manufactured in the United States for every year. It is estimated that only 7 percent of the cards are used that have chips in the country. While the financial issuing institutions appear to cover the cost, it could end up being shouldered by the customers.
There are other measures that consumers can use to protect themselves from identity thieves. There are products such as the set of RFID blocking sleeves, which design to protect credit cards and other important financial documents from thieves.
The RFID blocking sleeves can be purchased online at amazon.com.
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SOURCE LINK: http://www.bloomberg.com/bw/articles/2014-02-14/hack-resistant-credit-cards-bring-greater-security-at-a-big-price
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