Tuesday, October 6, 2015

Way you "swipe" about to change

What--these old things?
According to Lauren Gensler of Forbes.com, as of the beginning of this month, retailers are supposed to accept new chip--enabled credit cards less vulnerable to fraud.

As you step to the register, they generate a one-time code that can't be used again, thus foiling thieves.

You won't swipe your card--you will "dip" it--a move we will all have to learn.

Only 27% of stores are meeting the Oct 1 deadline, so you have more time to get used to this.

Sixty percent of card users don't even have the newfangled cards, anyway.

You may have your new card or you may not. (I have not gotten any.)

For now, the stripe reader machines will still work.

Retailers don't want to spend the money for new machines--but if they don't, they will be liable for losses--rather than the banks, as it is now.

Another bummer--the stores without the new machines will be targets for fraudsters--so if you are still swiping, you may be more at risk.

Experts say don't swipe if you can avoid it.

Rats--something else to worry about.

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