Do you ever feel afraid that your credit card information will get stolen? Have you ever had hundreds of dollars stolen by hackers online? Hopefully, this new technology will help you sleep better at night.
On Thursday, October 1, 2015, a new chip-embedding credit card was released in Florida. This state is a bit behind the rest of the country, but at least they’re catching up. Europe, of course, is a step ahead of America and have already had this technology for years. This new credit card involves a computer chip being implanted into the credit card, allowing for the magnetic strip to become unnecessary. Each chip has a unique code per transaction, making it harder for hackers and criminals to copy the card information.
Instead of walking up to the registers and swiping the card, one would put the card into the bottom of the register. The machine will scan the card, ensuring all the information is correct by authenticating it with the user’s bank. Unfortunately, it’s not a guarantee that all credit card theft is over.
Updating to the new chip-embedded credit card seems to be more common among business people and corporations. It’s understandable because of the high amounts of money that these types of people and organizations have. It would be detrimental to their careers if money were to be stolen from their accounts.
Although it’s more common, the average day person is also updating their magnetic strips to chips. Most of the people, so far, who have upgraded did so because they had their information and money stolen from them while using the magnetic strip. Forty percent of Americans have switched their cards out with the newer model and there have only been positive reviews.
Although the technology was released on Thursday, not all companies across the country have jumped on board with the idea. Places such as gas stations and grocery stores have until 2016 to update their registers, showing that this new invention is not optional.
Many corporations find it naïve for other companies not to upgrade, simply because it is safer and smarter to protect oneself ahead of time, especially with the somewhat recent hacking of customer information from Target. It’s said that by the time the rest of the country upgrades, hackers will have figured out how to crack the chip.
You have a year to protect your money, so do it.