"Smart card" technology could protect shoppers from hackers - KYTX CBS 19 Tyler Longview News Weather Sports

"Smart card" technology could protect shoppers from hackers

Posted: Updated:
  • CBS19.tv Web ExclusivesMore>>

  • Web Exclusive: Company cancels class to nix Southern accents, y'all, after complaints

    Web Exclusive: Company cancels class to nix Southern accents, y'all, after complaints

    Wednesday, July 30 2014 12:00 PM EDT2014-07-30 16:00:17 GMT
    We live in the South, so some of us may have a Southern accent, but would you consider saying "goodbye" to "howdy, y'all"?
    The Oak Ridge National Laboratory in Tennessee was going to offer a speech class for its workers next month to do just that, until it got canceled.
    More >>
    We live in the South, so some of us may have a Southern accent, but would you consider saying "goodbye" to "howdy, y'all"?
    The Oak Ridge National Laboratory in Tennessee was going to offer a speech class for its workers next month to do just that, until it got canceled.
    More >>
  • Web Exclusive: Ultra HD TVs

    Web Exclusive: Ultra HD TVs

    (CNN) -Some people just have to have the latest in television technology. The newest TVs on the market- ultra-high definition TVs- or UHD TVs. They have higher screen resolution than current high def screens, and are also known as "4-K" sets. "More >>
    (CNN) -Some people just have to have the latest in television technology. The newest TVs on the market- ultra-high definition TVs- or UHD TVs. They have higher screen resolution than current high def screens, and are also known as "4-K" sets. "More >>
  • Web Exclusive: A product to help keep sharks away on sale

    Web Exclusive: A product to help keep sharks away on sale

    Monday, July 28 2014 9:40 AM EDT2014-07-28 13:40:46 GMT
    If you're headed on a beach vacation, there's a product you may be interested in to help keep sharks away.  The device is called a Shark Shield.  It is now being sold in Florida.More >>
    If you're headed on a beach vacation, there's a product you may be interested in to help keep sharks away.  The device is called a Shark Shield.  It is now being sold in Florida.More >>

(CBS NEWS) - The recent security breach at Target – where hackers made off with 40 million credit and debit card numbers as well as encrypted PIN data -- has focused renewed attention on the vulnerability of U.S. credit card security systems.

Security experts say the United States lags far behind many other countries in adopting readily available technology that can provide stronger protection for consumers.

In Europe, "smart cards" have been the standard for at least a decade. Smart cards – also known as EMV or "chip and PIN" cards – have a tiny microchip embedded in the card that generates a unique code every time the card is used. Experts say that offers a much higher level of encryption and security than the magnetic strip cards most Americans carry.

 

Countries where smart cards are widely used have seen a dramatic decrease in fraud. In Britain, the UK Cards Association reports that credit and debit card fraud dropped 36 percent between 2008 and 2012.

Visa, MasterCard, American Express and Discover have all begun rolling out smart card technology for the U.S. market, although so far only a small percentage of American customers have upgraded to smart cards. The credit card companies say it will take several more years to transition a majority of U.S. retailers and customers to the new technology.

 

Once that happens, "it's going to solve a big part of the fraud problem we have in the United States," Randy Vanderhoof, director of the EMV Migration Forum, told CBS News. 

In the meantime, Americans continue to be victimized by credit and debit card hackers who exploit weaknesses in our less-than-state-of-the-art security. Vanderhoof estimates the cost of such fraud at about a $5 billion a year. 


Powered by WorldNow

CBS19, MYTX & KCEB
2211 ESE Loop 323
Tyler, TX 75701
Phone (903) 581-2211
Fax (903) 581-5769

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KYTX. All Rights Reserved. Users of this site agree to the Terms of Service, Privacy Notice/Your California Privacy Rights, and Ad Choices.