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Listen Here: The holidays are over, but that doesn’t mean you should stop protecting yourself from cybercrime. Fraudsters get busy during the holiday season, harvesting information from the credit cards of generous shoppers. After the holidays, they use the data they’ve collected to wreak havoc on their victim’s accounts.
Credit Card fraud is on the rise and is especially common during the holiday season. In a Reuter’s article addressing holiday fraud last year it was indicated that an upswing in fraudulent activity occurred, increasing from 1 in 114 transactions in 2014 to 1 in 86 transactions in 2015. The expectation is that holiday fraud will continue to rise in 2016, even as EMV “chip” cards and technology become more common. Although the switch to chip card technology has occurred, it is anticipated that fraud on e-commerce transactions will increase as fraud in brick and mortar establishments decreases. This is based on what was experienced in Europe after the conversion to EMV chip cards occurred there. Fraudsters shifted their activity from brick and mortar purchases to e-commerce (internet purchases).
What an EMV Chip Card Is and How It Protects Your Information A Europay, MasterCard, and Visa® (EMV) chip card is a payment card that is designed with a chip that protects your card and account information by dynamically authenticating card transactions. EMV chip cards have been adopted around Europe, Latin America, Asia, and Canada and are becoming more prevalent in the United States. That said, despite their increased popularity, many card holders do not understand the technology and are not reaping the benefits of the enhanced protection they offer.