Payment Card with Smart Chip? So What?

Over the past week, at least three U.S. financial institutions reported receiving tens of thousands of dollars in fraudulent credit and debit card transactions coming from Brazil and hitting card accounts stolen in recent retail heists… The problem with that though is that they were all submitted through Visa and MasterCard‘s networks as chip-enabled transactions, even though the banks that issued the cards in question haven’t even yet begun sending customers chip-enabled cards.

Smart cards can provide identification, authentication, data storage and application processing. But that doesn’t even matter anymore.

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