Us consumer is getting a new defense against cybercrime. The Armour will take the form of debt and credit card with a built-in chip in which the retailer must read.
EMV chips Master card and visa creates one-time use of code needed for purchase which makes card stolen on the bank market. The consumer may see longer transaction times in store. Reader to run the EMV cards. It helps to assume the merchant set up for the new payment terminal in time.
Industry watcher doesn’t expect to meet every merchant who was set last year by Visa, Master cards, American express and discover. Retailer have an incentive to act through; they don’t have EMV-reading terminal which needs to make the right in-store purchase with counterfeit cards.
The cards companies wrote the rule after cybercrime who stole 40 million credit and debit cards from the system.
There are two ways of the hacker to steal sensitive information. They use card skimmers to read the card’s magnetic stripe at a gas pump or an ATM. They penetrate retailers for corporate data. The system as they target Neiman mar waves. Home deported and many others. Those stolen numbers are used as fake cards for fraudulent purchase. Two third of fraudulent purchases stores inside with counterfeit tickets.
The consumer needs to adopt a new system.
If you push fraud out of the system, then it shifts merely somewhere.