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As fraud mounts, US banks join rest of world by issuing credit cards with theft-fighting chips

June 10, 2015View for printing

A big change is happening inside your wallet.

U.S. banks, tired of spending billions each year to pay back fleeced consumers, are in the process of replacing tens of millions of old magnetic strip credit and debit cards with new cards that are equipped with computer chips that store account data more securely.

By autumn, millions of Americans will have made the switch from the old magnetic strip cards. That 50-year-old technology, replaced in most of world, lingers on the back of U.S. cards and is easily copied by thieves, leaving people vulnerable to fraud. Roughly half of all credit card fraud happens in the U.S. even though the country only makes up roughly 25 percent of all credit card transactions, according to a report by Barclays put out last week.

By KEN SWEET, AP Business Writer

Full Story: http://www.usnews.com/news/business/ ... redit-cards

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Big Sky Commerce https://bigskycommerce.com/ - Get ready for the October 2015 U.S. EMV chip card mandates. http://www.matr.net/article-65760.html

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