Although not really a new concept as it has been in use for many years in Europe, EMV Chip Based Credit Cards are expected to take off in 2015 as President Obama signed an Executive Order launching the new BuySecure initiative. The goal is to provide an extra layer of security to reduce identity theft.
The microchip that is in the card is harder to clone than the magnetic strip, plus you still have to input your pin at the ATM machine. According to this article on Small Biz Trends – upon starting the chip based program in Great Britain fraud was cut by 70% in stores.
With identity theft being drastically on the rise here in the US we must do everything we can to combat this crime, and moving to EMV Chip Based Cards sounds like it will add that extra layer of protection we need. While not fool proof adding the additional security will only help. To learn more about this issue read this article on Small Biz Trends.
What are your thoughts on EMV Chip Based Credit Cards? Please leave us your comments in the box below.