That Chip on Your Credit Card Isn’t Stopping Fraud After All

According to Fortune:

"Although the security chips, which have become increasingly ubiquitous at stores across the nation, have made it harder for criminals to counterfeit credit and debit cards, fraud has actually risen over the last year, according to a new study. Thieves, it appears, have figured out new ways to pilfering cash through the plastic in your wallet.

The new study from research firm Javelin Strategy & Research found that incidents of identify fraud rose 16% in 2016, costing individuals $16 billion in loses, which was an all-time high. In all, 15.4 million victims were affected, 2 million more than in 2015, representing 6.15% of all consumers. The study did not look exclusively at credit card, but Javelin said the vast majority of identity theft fraud is linked to credit cards."

This is certainly good to know since fraud seems to be on the rise.

If you have an iPhone, you should try Apple Pay as it gives you a unique "token" number (doesn't use your actual card number).  However, not all retailers are using it.

 
 
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