Study: ID Fraud Up Since Security Chips Put Into Play

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Consumers and businesses switched to the chip-based cards and readers 16 months ago to deter theft. But a study released this week from Javelin Strategy and Research found that identity fraud cases rose 16 percent in 2016, which equates to 15.4 million new victims – a record high. Lane Conner, founder and CEO of credit card processor Fuze said the chip rollout was bungled from the start, in part because it was supposed to require a pin – not just a signature.


http://dfw.cbslocal.com/2017/02/03/study-id-fraud-up-since-security-chips-put-into-play/

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Ken Pimentel (@kenpimentel10)
February 6, 2017 at 9:30 am   

Inserting a card vs inserting and swiping the same card is not added security. And yes, your credit card number is right on the front of the card and so is all the other data you need to order online. This was never going to improve anything as you have to enter this data ONLINE manually to order it, which means you need to be able to READ it off your card. The only security element is when a website requires your billing address, as that is not on the card. BUT once you’ve entered that at any major retailer online – Home Depot, Target, and even the FEDs, for example, they just get hacked and the bad guys have EVERYTHING they need – including your SSN. A chip is not stopping anything…

[dixierose]

I hate, hate, hate having to use the chip. It's so much slower than swiping the card. And it does NOTHING to help online identity theft.

[J P Sousa]

I use pay-pal for online as much as possible. I believe if I keep the number of places with my CC number to a minimum, the better.