New technology boosts security of debit cards

Wednesday 07 March 2012

Article by Mozo

Debit cards have become far safer to use since microchips were added to the plastic, a new study has revealed.

In the past, criminals were easily able to obtain a person's essential details by intercepting transactions that were made using the magnetic strip on the back of a card.

This process – otherwise known as "skimming" – has been an issue all around the world, but research conducted by Canadian organisation Interac Association has shown that debit cards have become far more secure since the Chip and PIN system was introduced.

In addition to this, last month the Reserve Bank of Australia revealed that it plans to tighten up on card security across the country, which is obviously good news for people who prefer not to use cash.

Head of external affairs at the Interac Association Caroline Hubberstey was pleased with the study results.

"Our collective efforts and significant investments in the fight against debit card fraud, particularly the transition to chip technology, are producing tangible benefits," she remarked.

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New technology boosts security of debit cards

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