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Credit Card Fraud Could Peak In 2015 As the US Moves To EMV
dkatana writes Some analysts expect fraud to increase this year as thieves will step up their efforts to capture more credit card details before the Europay, MasterCard and Visa (EMV) standard conversion goes into full throttle. The next time U.S. cardholders receive a new card it will probably be equipped with an EMV chip, and most likely be contactless. The U.S. is finally making the transition to secure cards based on the European EMV standard, mostly because the liability shift imposed by the three big credit card brands — Visa, MasterCard and American Express. The European Union, where EMV became standard ten years ago, has the lowest level of credit card fraud in the world, while the U.S. accounted for 47.3% of the worldwide payment card fraud losses but generated only 23.5% of total volume.
Time to make a Faraday Cage wallet.
Ya, no shit. As someone who is from downunder, holy CRAP America is in the dark ages when it comes to its banking and communications systems.
Jesus christ.
And the funny thing is, they are so blissfully unaware things are better elsewhere in the world because none of them ever go anywhere anymore.
You can tell how powerful someone is by the magnitude of the crime they can commit and be able to get away with.
'rewards'. Yeah, right...
Non-Linux Penguins ?
I'm from Europe and I have had such cards for 10 years.
I was hit twice by thieves, once an hotel reception guy in Rome copied my card details and bought stuff for 4500€ online, another time it was a restaurant in London who did it the same thing.
Both times a simple email was enough to avoid having to pay, but chips don't help there.
They only make copying the cards themselves a bit more difficult.
You still have to check your account carefully each time.