8 On Your Side: Do chip credit cards really prevent fraud?

Your credit card is a scam artist’s ticket to stealing your money. New technology is supposed to protect you, but does it?

From skimmers at gas pumps to security breaches at major retailers, millions of Americans have become identity theft victims. And the credit and debit cards we all use every day allow it to happen.

The financial industry claimed new credit card chip technology would put a stop to this type of fraud. However, consumers report hassles at cash registers, waiting for the technology to work. Then many of those consumers find out later their card was compromised anyway.

8 On Your Side’s Shannon Behnken is digging deeper into whether this chip technology and the millions spent to implement it — is worth it.

Why is the financial industry not doing more? What does this technology do well? Where does it fail? Shannon goes straight to cyber security experts to find out how you can stay a step ahead of the crooks.

Source:http://wfla.com/2017/04/30/8-on-your-side-do-chip-credit-cards-really-prevent-fraud/