Credit card companies are set to replace Magnetic Strips With Microchips

25 June 2014 - Lauren Middleton

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Why Your Credit Card Company Wants to Replace Magnetic Strips With Microchips

Credit card fraud is at a all time high so Visa and MasterCard are renewing a push to speed the adoption of microchips into U.S. credit and debit cards in the wake of recent high-profile data breaches, including this week's revelation that hackers stole consumer data from eBay's computer systems.

Will this change help to decrease credit card fraud

Chip cards are safer, argue supporters, because unlike magnetic strip cards that transfer a credit card number when they are swiped at a point-of-sale terminal, chip cards use a one-time code that moves between the chip and the retailer's register. The result is a transfer of data that is useless to anyone except the parties involved. Chip cards, say experts, are also nearly impossible to copy

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