Most credit card companies and retailers have made accommodations within the past year to handle the credit card chips. However, hackers and credit card thieves are becoming more creative with the way they steal information, now focusing their attention online instead.
Mobile apps and call centers are now taking extra measures to ensure that buyers aren’t using fraudulent cards for their purchases. E-commerce retailers and financial institutions are expected to pay over $9 billion in fraud detection solutions by 2020.
In-store theft, however, has decreased drastically due to the security chips.
Image via Dee for Dentist.