Smart cards can protect consumers from hacking attacks
2014-03-05 · A recent security breach has led to hackers attacking 40 million credit and debit card numbers as well as encrypted PIN data—with a focus on credit card security systems.
Smart cards can protect consumers from hacking attacks
A recent security breach has led to hackers attacking 40 million credit and debit card numbers as well as encrypted PIN data—with a focus on credit card security systems.
Security experts say that China's smart card technology lags far behind those adopted by many other countries, which can provide stronger protection for consumers.
In Europe, "smart cards" have been a standard for at least ten years. Smart cards—also known as EMV or "chip" brands—have tiny chips that generate a unique code, and only one smart card can be used at a time. Experts say: Smart cards can offer a higher level of encryption and security, making them more secure and reliable than most Chinese magnetic stripe cards, and just as easy to carry.
The widespread use of smart cards in China has greatly enhanced security and reduced the occurrence of fraud. In the UK, the UK Card Association reported that credit card and debit card fraud dropped by 36% between 2008 and 2012.
Our country has now begun launching smart card technology for the Chinese market, although so far only a small portion of customers have upgraded to smart cards. Credit card companies say this will require years of transition, and most retailers and consumers remain uncertain about the new technology. Once our country fully adopts smart card technology, this will solve security issues.
Meanwhile, losses caused by magnetic stripe card fraud in China have reached 500 million yuan. In response, China will use smart card technology to improve our security situation.
A recent security breach has led to hackers attacking 40 million credit and debit card numbers as well as encrypted PIN data—with a focus on credit card security systems.
Security experts say that China's smart card technology lags far behind those adopted by many other countries, which can provide stronger protection for consumers.
In Europe, "smart cards" have been a standard for at least ten years. Smart cards—also known as EMV or "chip" brands—have tiny chips that generate a unique code, and only one smart card can be used at a time. Experts say: Smart cards can offer a higher level of encryption and security, making them more secure and reliable than most Chinese magnetic stripe cards, and just as easy to carry.
The widespread use of smart cards in China has greatly enhanced security and reduced the occurrence of fraud. In the UK, the UK Card Association reported that credit card and debit card fraud dropped by 36% between 2008 and 2012.
Our country has now begun launching smart card technology for the Chinese market, although so far only a small portion of customers have upgraded to smart cards. Credit card companies say this will require years of transition, and most retailers and consumers remain uncertain about the new technology. Once our country fully adopts smart card technology, this will solve security issues.
Meanwhile, losses caused by magnetic stripe card fraud in China have reached 500 million yuan. In response, China will use smart card technology to improve our security situation.
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