Your investment success/survival is a series of smart decisions. For example, using a chip-enabled ATM and/or credit card bolsters your line of defense against cyber attacks. On our recent trip to Paris I was reminded how far ahead Europe is when it comes to chip readers. They are the norm—as you insert your card into the portable reader that they bring to your table.
But that’s not the case here in the U.S. where waiters take your card from you (possibly copying it) and it’s swiped without you being present. Chip tech in the U.S. is becoming more prevalent, but can still be a slow process. If you can switch to a chip enabled card please do so. It’s always a smart investment to improve your line of defense.
Read more here from The Wall Street Journal:
The burst of ATM-related fraud also was the largest one-year increase since FICO started keeping track of such data about a dozen years ago. Meanwhile, rates of credit-card fraud, a more popular scheme for criminals, have largely leveled off.
The push to make ATMs more secure takes on added significance this month: UnderMasterCard Inc.’s network rules, ATM operators on Oct. 21 will become liable for any fraud costs that occur if a MasterCard chip-enabled card is used at a machine that isn’t equipped with chip technology. That cost is currently borne by the card-issuing bank.Visa makes a similar shift next October.
The shift to more secure ATMs is expected to tackle the growing problem known as skimming, by which criminals rig a machine with a surreptitious device that can steal a customer’s card data, often including the personal identification number. The crook can then use the data to make a counterfeit card and drain the associated bank account.
The computer chip embedded in many new U.S. credit and debit cards fights such fraud by creating a one-time code for each transaction, limiting the ability of a thief to steal and replicate data.
“The U.S. market is definitely being targeted with card skimming,” says Owen Wild, global marketing director for enterprise fraud and security at NCR Corp., one of the largest makers of ATMs. Nonbank ATMs account for 60% of recent incidents, up from 39% in 2014, the FICO analysis found.
Chip Card Technology 101
E.J. Smith - Your Survival Guy
Latest posts by E.J. Smith - Your Survival Guy (see all)
- Happy Martin Luther King Jr. Day! - January 18, 2021
- Are $2,000 Checks Going to Rebuild NYC? - January 15, 2021
- The Fed is Sacrificing Retirees to Save the Banks - January 15, 2021
- How Are You Doing on a Local Level? - January 14, 2021
- February RAGE Gauge: Americans Focusing on What’s In Front of Them - January 14, 2021