In recent years, more than 80 countries have upgraded to credit cards embedded with microchips. Cards with chips are inconceivably difficult to counterfeit, and there’s added security in every swipe: Terminals require a user’s PIN, and the information on the chip is encrypted.
Yet Americans keep using payment technology that was developed in the 1960’s. That poses a big risk: Cards with magnetic stripes deliver all your data without hiding anything. Swipe your card and the computer sees everything in plain text: your name, credit card provider, card number, expiration date and more. Continue reading…