New ‘Smart Card’ Technology To Reduce Credit Card Fraud

September 24, 2013 12:23 PM
New ‘Smart Card’ Technology To Reduce Credit Card Fraud
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" BOSTON (CBS) – It’s a small silver square sending a wave of ripple effects through retail.

That silver square is a small microchip on the front of credit cards that is now being introduced to the US market.

“The big benefit for the chip card is all about fraud reduction,” says Ron Shevlin an industry analyst for Aite of Boston.

Shevlin says the microchips are a lot harder to counterfeit than those traditional magnetic strips.

Many countries have already made the switch to these so-called smart cards. In fact, so many countries have already starting using the smart card, there’s a chance your current card might not work if you travel overseas "

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