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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: RFID chip on credit cards Date:  1/14/2014  3:40 PM
Author:  Fuskie Number:  307681 of 312777

Millions of Americans who have credit cards equipped with radio frequency identification (RFID) chips for easy use can also have their account info stolen with relative ease by criminals.

Unfortunately, we will continue to be vulnerable until we get modern "smart chip" security standards for our credit cards like they have in Europe. American Express tried to lead the charge on this stateside, but the banks pushed back. Sounds like the heavy hand of government may have to intervene with some regulations on the industry before anything gets better.

American Express and Bank of America have both announced they'll begin implementing "chip and pin" technology in their cards. Here's how it works: A unique computer chip placed within your card is associated with a secret PIN code that you enter with each use. So if the card is stolen, the criminal won't be able to access your funds.

Who notes we are years behind Europe in credit card security as our financial institutions have decided it's cheaper to write off losses from fraud and theft rather than prevent them, no matter the consumer inconvenience...
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