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Computer researchers claim to have found yet another flaw in the upgrade to the chip-based credit cards in the United States. The chip on these credit cards have been praised for making them nearly impossible to counterfeit. While the cards also contain a magnetic strip, that strip is supposed to tell the payment machine to use the chip. But there's a relatively easy way to knock down that safeguard. 
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The shift from magnetic stripe to chip-based payment cards was first announced in 2011, with a deadline of October 2015, but most merchants still have not upgraded, and are paying the price in that they are now having to cover the costs of fraudulent transactions.  |
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April 2022
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