New Chip Cards May Actually Increase Credit Card Fraud, Hurt Merchants

New Chip Cards May Actually Increase Credit Card Fraud, Hurt Merchants

Major Banks and credit card companies such as American Express have developed “fraud free” and encrypted chip-enabled cards to cut costs while transferring the burden of fraud compensation onto the merchant. However, many are still unaware that a cheaper and more secure technology already exists. The credit card manufacturers have integrated EMV chips (Europay, MasterCard and Visa) into the credit cards, which create unique payment codes for every transaction. The implementation of the EMV technology disables the duplication of payment credentials to settle other transactions.....


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