Target breach proves that it's time for chip cards
December 27 , 2013
The recent Target breach that affected 40 million in-store customers proves that it's time to start using microchip-based cards instead of the magnetic stripe on today's credit cards.
The U.S. is lagging behind the rest of the world, which is already making use of this more secure method.
"We have a chicken-egg problem here," the Sacramento Bee writes. "Merchants won't buy chip readers if banks aren't issuing chip cards. Banks don't want to issue chip cards because they collect fees from merchants to cover credit card fraud. A better card would mean less fee income for them."