Chip Cards: Did They Make Our World More Secure?

The replacement of magnetic cards has shifted the threat matrix from the card to the consumer – and we’re more at risk than ever

Bank fraud is a big, ripe and juicy target. For many of us, it’s very satisfying to track it down and shut it down. But it’s also a moving target – we shut it down here, it moves over there. And at times, it moves much faster than us.

Example: Barely three years ago, the threat du jour was magstripe data theft. Massive breaches at major retailers like Target and Home Depot – and others that didn’t get the same attention – led to millions of credit card accounts being compromised. Security professionals worked frantically to rectify the vulnerabilities, retailers and banks alike took a financial hit, a ...

To continue reading, sign up for MEDICI Inner Circle and get free access for 7 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.