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US Behind The Times On Credit Cards
[12:00:00 AM Wednesday, November 16, 2011]
America has had a problem with the rest of the world lately; we seem to be falling behind on nearly every aspect imaginable. And you can add "credit cards" to that list, too, along with education, industry, etc., etc.
But now, it looks like there is a movement taking off to get America`s credit cards back up-to-date on the global playing field. Consider this, that the United States is being left behind in the dust by being (as reported by the St. Louis Post-Dispatch) the last industrialized nation on Earth using the old magnetic strip cards and not the swanky computerized cards.
That must be a lonely place.
There is no real security involved with the old magnetic stripes, which poses a huge threat to consumer`s safety.
"Everything is clear and can be copied," reported the Post-Dispatch. And if it can be, odds are, if you meet a thief determined enough, it will be.
Smart cards are far superior here: they cannot be copied as their earlier prototype can be. And there is one security threat that is taken off the shoulders of worried customers. Remember that card fraud costs consumers as well as businesses "billions" per year. If steps can be taken to eradicate that amount, the economy as a whole would be much better off.
"The card system in this country has been dysfunctional for a long time. We have far, far too much fraud because we have a very antiquated payment system relative to the rest of the world," said Mallory Duncan, the general counsel of the National Retail Federation, in the article by the Post-Dispatch.
Rather, with a smart card, your information is safe because it is left under the care of a cyber "lock and key" system. Therefore the potential thief would have to know your private information before sneaking into your finances and leaving a wreck. That makes trying to copy such a card of waste of time (and even if someone tried, they would not be successful anyhow).
The movement in the U.S. to switch to computerized cards has been slow and steady. Industry titan Visa has confirmed that it will make policies to enforce the switchover to computerized cards by 2015.
The hazards of the new system lie in having retailers and others figure out a way with phasing out antiquated technology, surrounding striped cards.
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