WA Post: U.S. banks and retailers, a decade behind in deploying the secure, high-tech credit cards used elsewhere in the world, may take years longer to switch to a system that all but eliminates common types of fraud.
Under pressure from credit card companies, major banks and retailers have begun to roll out the cards, which carry a computer chip and advanced security software that keeps the customer’s account number and other details invisible, even if crooks manage to steal records from a store or bank.
But the conversion could take years to reach critical mass amid a squabble over who will foot the estimated $8 billion bill, and despite fears that scammers have been targeting the United States because of its outdated technology. U.S. credit card fraud rates, once the lowest in the world, have doubled in the 10 years since chip cards spread through Europe.
No problem, Silicon Valley sees 8 billion in revenue for advanced technology, they will make it happen.
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