The new EMV chip cards are supposed to be much safer than old fashioned swipe credit cards.
Then why are we hearing more reports than ever about credit card skimmers, leading to fraud? Weren't chip cards supposed to prevent that?
Much Fanfare at Rollout
Chip cards were launched with lots of fanfare last year, promising safer transactions thanks to that tiny EMV chip on the front.
But suddenly it seems credit card skimmers are popping up on gas pumps everywhere, copying our card numbers, and giving hackers access.
Every few weeks we hear another local news report of a skimmer being discovered on a gas pump.
What gives? It turns out gas stations and ATM's have two more years to switch to chip readers.
That gives thieves two more years to try to scam as many customers as they can. And since it's getting harder for them to access card numbers at stores, gas pumps have now become their prime target.
Rollout Slower Than Expected
So from the "doesn't that stink" file, the slooooow rollout of EMVchip cards.
Less than half of all stores are using them right now: Most major grocery chains and many smaller businesses are still asking you to swipe.
If you were hoping for more security, you'll say "doesn't that stink?"
Some stores report technical issues, though with most small retailers it remains the cost of switching over.
Hopefully by 2018, card skimming fraud will be a thing of the past, because ATM's and gas pumps will no longer have swipe systems.
But until then be extra careful so you don't waste your money.
Don't Waste Your Money is a registered trademark of the EW Scripps Co.
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