In the News
Credit and Debit card chips were supposed to protect more user’s from being financially exploited, cards and their financial information are still being jeopardized. In U.S. Chip Cards Are Being Compromised in the Millions, Tara Seals at Threatpost discusses the reasoning of why over 60 million US credit/debit cards were compromised in the past year. Seals explain that although card-chips have been mandated in most industries, many customers and establishments fail to use and enforce the use of the chip, leading to vulnerable transactions.
Our Take
Financial transactions have been made more secure through technology such as card-chips. Ensuring that you make such transactions in the safest way possible is crucial to being proactive about the privacy of your financial information and your identity. If you can use a more secure method of payment, you should always do so. There is no need to use magnetic strips if your card has a card-chip and if the establishment where you are shopping offers card-chip readers. New technologies that offer more secure services are only beneficial if the masses use them, and failing to do so will put your finances at risk. Getting used to new technologies and new processes may take time, but it is well worth it to make sure that you are protecting what you value most.
Recommendations
How can you protect your (or your friends’ and family’s) personal information online?
- Utilize chip-payment whenever possible
- When checking out, ask if the establishment uses chip-payment
- When possible, shop at locations that utilize EMV (chip-payment PoS systems)
- Check your email, financial accounts, and credit reports regularly for abnormal activities
- Stay up to date on the news regarding recent fraud and phishing attacks to see if you may have been affected