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Archive : credit card

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Banks loose battle on card security

It appears that the US banks are at a losing end as more thieves are using credit and debit card to steal some money.

Internationally, security is now becoming the main concern of the payment industry. It is said that for every $100 worth of credit and debit card purchases last year, 4.46 cents goes to the thieves. This is not the first that it happened since it already happens back in 2009, with an average lost of 4.71 cents. The report based on a data released by The Nilson Report, a California trade publication.

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US will soon introduce Smartcard

Currently, the US is one of the countries that still using the outdated credit card, which uses the magnetic strip to do transactions. The other countries are already using a chip-based card that would make transacting harder for fraudster.

The problem with the magnetic strip is that it can be easily copied since most of the information can easily detect. The information installed on the magnetic strip has no protection. A common hacker can detect the information easily. Each year, card frauds cost the US merchants around billions of dollars.