The chip in your credit card doesn’t protect you here . . .
The number of victims increased 18% from 2015 and constitutes the highest number since Javelin started keeping track of such fraud in 2003. It’s worth noting, however, the amount stolen from those victims was at its lowest point in the past six years.How is this happening? Blame your online shopping habit, for one: most of the increase in identity fraud can be attributed to fraudulent online purchases, with a 15% rise in such cases, the study found. That’s prompted an uptick in “existing-card fraud,” which is when criminals make working copies of your debit or credit card.
Source: Why Is Credit-Card Fraud Still Rising In The New Chip Era? – Consumerist
We’re all told the extra few seconds for the chip-based credit cards to clear your transaction are worth it — it’s less time than having to clean up after having your identity stolen, right?
True, but that doesn’t help you very much online now does it. With online shopping sales surpassing bricks and mortar sales, that chip looks nice, but does nothing for you when typing in your credit card now to get those XXL pink rabbit suit pajamas now does it?
We’ll be looking for the next evolution soon . . .
