The United States is falling behind the rest of the world when it comes to implementing credit card with smart chips.
In an article for The Associated Press, technology writer Peter Svensson says that while the majority of civilized countries had converted to the updated system, the U.S. still relies on black magnetic stripes. He writes that using smart card technology reduces the risk of information getting into the wrong hands and cause issues for merchant services.
“The problem with that black magnetic stripe on the back of your credit card is that it’s about as secure as writing your account information on a postcard: Everything is in the clear and can be copied. Card fraud, and the measures taken to prevent it, costs U.S. merchants, banks and consumers billions each year,” the news source reports.
Many resources are available for those hoping to implement he system. In a statement earlier this month, the Smart Card Alliance announced it would be hosting “EMV for Merchant Acquirers: U.S. Migration Considerations” webinar in October. The event will feature guest speakers from Visa and MasterCard as well as Smart Card Alliance representatives.