US needs to upgrade to `smart card` technology to curb frauds
Washington: Security experts have pointed out that the United States need to incorporate smart card technology, which offers a much higher level of encryption and security than the magnetic strip cards used in America.
Experts said that the U.S. lags far behind many other countries in adopting readily available technology that can provide stronger protection for consumers, CBS News reports.
Smart cards, also known as EMV or "chip and PIN" cards, have been the standard in Europe for at least a decade now, and the countries where smart cards are widely used have seen a dramatic decrease in fraud.
The UK Cards Association reports that credit and debit card fraud dropped 36 percent between 2008 and 2012.
Smart cards have a tiny microchip embedded in the card that generates a unique code every time the card is used, the report added.
More from India
More from World
More from Sports
More from Entertaiment
- DNA : When will Indian govt take strong actions against terrorism?
- Drunk girl assaults Mumbai police in Worli
- Arun Jaitley upset with Subramaniam Swami's Twitter attack
- Bombay HC to pronounce verdict on entry of woman to Haji Ali Dargah today
- DNA: When will Indian govt take strong actions against terrorism? - Part II
- Islamic State bombings in southern Yemen kill 38
- UK pensions minister Crabb considering bid to succeed PM Cameron: Report
- Special panel on India's NSG membership bid? We're not aware, says China
- Ruby Rai, Bihar Class 12 topper now under arrest for cheating, says she never wanted to top the exam
- Euro 2016: Iceland stun England in one of greatest ever shocks