![]() An additional 30 to 40 percent of fraud involves lost or stolen cards, or claims of fraud that actually involve the account owner. However, about 20 to 30 percent of fraud involves "card-not-present" fraud, meaning account numbers are used for transactions online or by phone.Chip cards and chip terminals are expected to wipe out the biggest source.Today, EMV standards are managed by six entities: Visa, Mastercard, American Express, Discover, China UnionPay and the JCB credit card in Japan. Microprocessor computer chip technology was created in the 1980s by a partnership involving Europay, MasterCard, and Visa - thus the nickname EMV.But with chip cards, the card numbers would have been mostly worthless, so hackers probably wouldn't have bothered. Chang and others involved thieves stealing tens of millions of card numbers and then using them to create counterfeit cards. Data breaches at places such as Target, Home Depot, Kmart, Staples, Goodwill, P.F.1 deadline they have two years to convert to chip technology. This is why it's important for all businesses to convert their payment terminals as soon as possible. That counterfeit card could still be used at terminals that accept only magnetic stripes. If you're using a chip card, your account information could still be stolen and used to create a counterfeit card with a magnetic stripe.Someone could write down your account number, security code on the back and expiration date. It also does no good if someone steals your card information from your physical card and uses it for an online purchase. EMV chip technology does not help protect you if you lose your card or it's stolen.If your credit or debit card doesn't have a chip, or if you're shopping at a merchant without chip technology, you can still use your cards for your transaction and you won't be liable if your account information is stolen and used fraudulently, per issuers' zero-liability policies."That makes it virtually impossible to create counterfeit cards to commit in-person fraud," said Randy Vanderhoof, executive director of the Smart Card Alliance in New Jersey, a non-profit association focused on the adoption of chip cards and other smart cards. Further, the microprocessor chips cannot be duplicated.So even if the account information is stolen in a data breach, it can't be used to create a counterfeit card that can be used When a card with a computer chip is used at the point of sale, it creates a transaction authorization that can be used only one time, for one transaction.later, ask your bank if it will reissue your card now. Banks not listed have responded to requests for information. Northwest Savings: Testing technology through October will issue new credit and debit cards in November. Debit cards will be replaced with chip debit cards as the cards expire or if customers ask for a new card. First Federal of Lakewood: Chip credit cards started being issued upon renewal starting June 2014. Ohio Savings: Expects cards to be issued starting this fall. Started reissuing debit cards in June 2015. Have been replacing mag stripe credit cards as they expired. ![]() Bank: Started issuing chip cards to overseas travelers in 2012. During the process, Chase has fulfilled requests to replace cards for people traveling internationally if they had not yet received their replacement card. Chase: Is in the process of replacing all non-chip cards and has already issued 29 million chip credit cards and 5 million chip debit cards. ![]() FifthThird: Has started issuing chip cards will be finished by first quarter of 2016. FirstMerit: Will begin issuing chip credit and debit cards in late 2015 or early 2016. Huntington: Has started issuing new chip credit and debit cards and expects to convert all cards by sometime in 2016. Citizens/Charter One: Will begin issuing chip credit and debit cards in the first quarter of 2016. Third Federal: Is in the process of issuing chip debit cards. The process for providing these cards is continuing. Most customers will receive a chip card when their current card expires. PNC: Began issuing chip-enabled cards in May. In order of size in Greater Cleveland: Key: Will begin issuing chip cards in October and will continue issuing over the next several months.
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