MONEY

Chip Cards: For Better or Worse

I received mail from my bank one day and it appeared to have a card in it. I was puzzled because my current card was not due to expire until next year. Curious to see exactly what was in it, it appeared to be the same card but this time a weird shiny little chip looks to be installed. I am thinking to myself “what exactly does it do”? Does it have magic tricks, does it have special features?

After reading an article on Fortune.com, it gave me a little more insight on what exactly the chip is made for. The conclusion, Security.Cracking down on the forces of FRAUD. From my understanding eventually all merchants who use credit card systems for customers will have to convert over to new equipment. Apparently, the U.S. is behind on this technology. Who knew?

I like the idea but will it really make a difference in security for the average consumer? I think this chip will tell a better story of who is using the card in case of a possible fraud situation. On the other hand I feel there may be more to this than what is told regarding other issues such as privacy. ONLY time will reveal.

Click on the link below to read more on this topic.

 

http://for.tn/1Ki1r6g

 

 

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