More secure and harder to hack: Is this the future of credit cards?
Security experts are warning of a new wave of cybercrime aimed at stealing your credit card information.
As a result, banks and retailers are preparing to toss those outdated magnetic strip credit cards for ‘chip and pin’ cards.
The chip is harder to duplicate because it sends encrypted information to the bank, which authenticates the card.
Much like a debit card, the user has to enter a secret pin.
Security experts say the recent data breaches aren’t happening at registers but rather on retailers’ computer systems.
Joseph Hall, with the Center for Democracy & Technology, said, “They need to be much more active inside of their own networks and you can’t just sort of assume that bad things aren’t going to happen cause they will happen.”
The new credit cards will be in use by banks and stores by 2015.
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