The government will employ new security measures

The biggest retail trading networks in the US report burglary and theft of millions of buyers’ credit cards that have become more frequent. The American experts are intended to update the technology for manufacturing credit cards for making cashless payments and protect the money kept on the accounts of the US holders of cards from unauthorized misuse, according to Foxnews.

Credit cards with a magnetic strip do not meet any more the latest security requirements set forth for keeping the money safe. The UK, Kenya and other countries have already introduced a new system supporting security of credit cards. Newly issued cards have an embedded e-chip with additional secure feature – personal identity number (PIN). These chip-and-PIN cards ensure more secure way of making payments, as compared with the cards containing a magnetic strip and client’s signature or those with a magnetic strip and PIN-code. One more advantage chip-and-PIN cards have is that a unique number differing from the card number is assigned to each transaction performed. Moreover, an e-chip embedded into the card incorporates the owner’s data that can be easily verified.

The main obstacle that impedes the spread of credit cards with e-chips US-wide is large market size. The implementation of a high-tech solution requires millions of dollars for manufacturing plastic cards, and update of the point-of-sale terminals in all shopping centers.

However, repeated cases of fraud compel the government to apply security measures as quick as possible. It is expected that the Americans will be able to pay with cards containing an electronic chip throughout the country.