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High-Tech Credit Protection Coming from JP Morgan Chase
Posted on November 23, 2011
Technology created to prevent credit card fraud from ruining a consumer’s credit is coming to JP Morgan Chase & Co to help protect card holders.
The bank, headquartered in New York is producing their new British Airways Visa card with a computer chip inside that contains account information. These computer chip cards are meant to provide more security and protection from hackers than the normal magnetized strips.
The credit card technology is becoming a standard in the overseas market and it is part of the industry standards referred to as EMV. While other countries have been utilizing the technology, American credit cards are starting to take notice. There are some considerations, however, that should be made concerning the technology. US merchants must make necessary upgrades to their credit card processing systems in order for the cards to be functional. The costs of those upgrades have made many retailers choose not to move forward at this time.
The same difficulties are proving true for US travelers who are spending abroad. The equipment that has been updated to handle the chip-technology credit cards will not handle the magnetic strips most American credit cards have. But since the American market has been slow on adapting to the technology across the board, the magnetized credit cards still work but may fail to protect consumers from ever-changing credit card scams and identity fraud.
Recent research conducted in the credit card industry show that the United States is leading the world with instances of credit card fraud that is ruining consumer credit scores. Many other countries have adopted much stricter measures for fighting fraud than America has so scam artists are still profiting in the United States. Victims of this fraud must often battle years-long processes to remove fraud and recover their credit scores which plummeted from fraudulent credit card usage.
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