Card Fraud: U.S. is the Target, but Banks Resist Change

In the news this week: over 40 million credit card users possibly affected by theft of data from magnetic stripes on credit cards used at Target stores—only one of many such incidents. As many travelers know, in the rest of the world, more secure methods are used for credit cards, especially chip-and-PIN. In fact, the security of chip-enabled cards in most of the world is making the U.S. the main target for fraud, but many U.S. issuers would rather pay the cost of fraud than the cost of upgrading cards and systems. DETAILS