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Credit Card Chip & Pin Changes Your Shopping Experience and Security Risks

How Chip and Pin will changes things for us here in the US as it is adopted?

Will Chip & Pin technology keep my credit card from being hacked?

The USA is behind the rest of the world when it comes to Chip & Pin adoption.  When credit cards are stolen by malicious actors they can easily monetize and abuse stolen credit cards in the USA when compared against Chip & Pin protected cards in the UK and Europe.  Moving to Chip & Pin the USA helps our country be more competitive to lower our overall risk for certain types of monetization.

What do you mean by types of monetization?

Fraudsters that steal your credit card from a vendor, or through other means, needs to then monetize it or sell it to another actor who attempts to make money off of that stolen card.  Movement to Chip & Pin will force monetization to move towards “card not present” type monetization, such as orders made to a small online Internet store.  In other words, it won’t stop fraud from happening but does impact how it is performed by fraudsters.

What can I do to protect my credit card from fraud?

Recognize that credit card fraud involves many possible vectors of abuse and take action for what you can influence accordingly.  For example, you can’t do anything about a small restaurant, where you had dinner, having their data stolen and then abused including your credit card.  You can monitor your expenditures or even install mobile apps that enable you to have real-time alerts and awareness of account activity.  When using a debit card or ATM, you can cover up your hand as you enter the PIN just in case a rogue camera or skimmer is being used without your knowledge.  Using a credit card, instead of a debit card, also limits risk as the credit card company will cover losses and pass it on to merchants that allowed the fraud to take place.  Finally, get involved in your local community, such as the upcoming free 14th annual Boise ISSA Information Security conference (conference.boiseissa.org) to learn more about security and get networked with others in the area.