Most of us have a plastic “chip and pin” card from a traditional credit card company we use to complete transactions. Is this method of payment still going to be the most popular form? I wouldn’t bet on it. Competing forms will likely alter how we pay with or without cards. As a starting point, [...]
Few of us freeze our credit files at the three major credit bureaus (Equifax, TransUnion and Experian), even after massive data breaches like the one at Equifax. This breach compromised the private data of as many as 145 million Americans. Gartner Research analyst Avivah Litan estimated about 2 percent to 3 percent of U.S. consumers currently have [...]
When mobile payment technology first became available, some experts referred to it as a solution in need of a problem. The EMV chip card switch provided it with a very real problem that it can fix. Most of the new chip card readers (including Square) can handle the near field communication (NFC) technology used by [...]
Retailers in the U.S. and the U.K. have implemented security checks, such as 3D Secure and Verified by Visa during the online checkout process. Unfortunately, the checks may hinder the shopping experience which can translate into lost sales according to ZDNet. In the U.K., 18 percent of online shoppers abandoned their baskets due to "excessive [...]
How has the implementation of EMV chip cards gone in the U.S. given the October 2015 deadline? There appears to be more work that needs to be done. According to a recently published piece by Greg Buzek, President of IHL Services, only 8.5 percent of merchants are able to accept the new cards, which [...]
As of October 1, U.S. retailers were required to upgrade their point-of-sale terminals to accept new EMV chip credit cards or be liable for any fraudulent charges. According to Reuters, some large U.S. retailers are trying to take it a step further by using personal identification numbers (PINs) with the new embedded chip credit cards [...]
Innovation is a part of our daily lives whether it is what we drive, devices we use to communicate or how we shop. The credit cards that we use are no different. According to Credit.com and Boston.com, there are five ways that credit cards are likely to change by 2020. Chip and PIN everywhere. While [...]
In some ways, retailers and credit card companies are trying to be proactive in the fight against credit card fraud. For example, Visa developed software to detect whether it is you or an impostor who is using your credit card at a gas station pump. The use of new EMV-chip credit cards will help prevent fraud, because they [...]
The U.S. is the last G20 country to transition to credit cards secured with EMV chip technology. While initiating the transition has taken awhile, industry experts shared in Forbes that they believe that 70% of U.S. cards will have EMV chips by October 2015, because this is when the responsibility for card losses on magnetic-stripe [...]
According to a 2013 Federal Reserve study, the total number of credit card transactions in the U.S. was 26.2 billion in 2012, and the total value of these transactions was $2.48 trillion. With these staggering numbers showing how much credit cards are used along with the money at stake, consumers, government agencies and businesses alike [...]