Posted by Harrison Barrus / CBS 12 News
The new confidence crack during Target – where hackers done off with 40 million credit and withdraw label numbers as good as encrypted PIN information — has focused renewed courtesy on a disadvantage of U.S. credit label confidence systems.
Security experts contend a United States lags distant behind many other countries in adopting straightforwardly accessible record that can yield stronger insurance for consumers.
In Europe, “smart cards” have been a customary for during slightest a decade. Smart cards – also famous as EMV or “chip and PIN” cards – have a little microchip embedded in a label that generates a singular formula each time a label is used. Experts contend that offers a many aloft turn of encryption and confidence than a captivating frame cards many Americans carry.
Countries where intelligent cards are widely used have seen a thespian diminution in fraud. In Britain, a UK Cards Association reports that credit and withdraw label rascal forsaken 36 percent between 2008 and 2012.
Visa, MasterCard, American Express and Discover have all begun rolling out intelligent label record for a U.S. market, nonetheless so distant usually a tiny commission of American business have upgraded to intelligent cards. The credit label companies contend it will take several some-more years to transition a infancy of U.S. retailers and business to a new technology.
Once that happens, “it’s going to solve a large partial of a rascal problem we have in a United States,” Randy Vanderhoof, executive of a EMV Migration Forum, told CBS News.
In a meantime, Americans continue to be victimized by credit and withdraw label hackers who feat weaknesses in a less-than-state-of-the-art security. Vanderhoof estimates a cost of such rascal during about a $5 billion a year.“Smart card” record could strengthen shoppers from hackers
Article source: http://www.cbs12.com/news/top-stories/stories/vid_12166.shtml
