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13/09/2011 -
While payment processors, retailers and credit card companies are gearing up to be fully compliant with PCI standards come this January, there are a number of other security trends and practices that U.S. businesses and consumers have been slow to adopt.So-called "smart" cards are one such example, as they replace the magnetic stripe on traditional credit cards with an actual computer chip and offer enhanced payment security and reliability.
Unlike magnetic stripes, chip-based credit cards cannot be copied, thereby reducing the threat of fraud. They also hold and hide critical information so that it can't be replicated. However, magnetic stripes are so firmly entrenched in the U.S. retail marketplace that it's become a challenge to replace, even with superior technologies such as "smart" cards and mobile payment.
"The card system in this country has been dysfunctional for a long time," Mallory Duncan, general counsel of the National Retail Federation, told The Associated Press. "We have far, far too much fraud because we have a very antiquated payment system relative to the rest of the world. This is something they should have fixed a long time ago."
