New credit card design may cut down on security breaches - WAFF-TV: News, Weather and Sports for Huntsville, AL

New credit card design may cut down on security breaches

NASHVILLE, TN (WSMV) -

A debit and credit card breach that affected millions of Target shoppers still has many people on edge.

This week, investigators revealed a teenager in Russia may have been involved, but the question still remains whether this could have been avoided and how it could be stopped from happening in the future.

Many security experts and credit card companies believe the security breach could've been avoided with the right card called an EMV card. There is no personal information on an EMV card, and the magnetic strip - which hackers have developed readers for - is replaced by a microchip.

"It will be virtually impossible to crack the encryption and the algorithm," said Andy Anderson, with Approval Payment Solutions. "Even if they were able to crack the algorithm and get into it, when they go to use your card, they'd still have to have your PIN number in order to do the transaction."

Countries around the globe, including most of Europe, already use this technology. The United States would be one of the last to get it.

"It was less expensive to pay the fraud up until the point where all of the other countries went to the chip-based card and all of the fraud began to focus on us," Anderson said.

The switch will be costly, but credit card companies are demanding any businesses accepting credit or debit cards will have to change their point-of-sale equipment over by October 2015 or face higher fees in addition to taking on the liability of any fraud.

Credit card companies will start sending out the new chip-based cards to customers this year. Customers shouldn't notice much of a difference with the switch but are still encouraged to keep an eye on credit reports and bank statements.

Copyright 2014 WSMV (Meredith Corporation). All rights reserved.

  • Trending StoriesTrending StoriesMore>>

  • Sheriff: School officer never went inside to confront gunman

    Sheriff: School officer never went inside to confront gunman

    Thursday, February 22 2018 1:14 AM EST2018-02-22 06:14:16 GMT
    Thursday, February 22 2018 11:28 PM EST2018-02-23 04:28:03 GMT
    (AP Photo/Gerald Herbert). Mourners hug as they leave the funeral of Alaina Petty, in Coral Springs, Fla., Monday, Feb. 19, 2018.  Petty was a victim of Wednesday's mass shooting at Marjory Stoneman Douglas High School. Nikolas Cruz, a former student, ...(AP Photo/Gerald Herbert). Mourners hug as they leave the funeral of Alaina Petty, in Coral Springs, Fla., Monday, Feb. 19, 2018. Petty was a victim of Wednesday's mass shooting at Marjory Stoneman Douglas High School. Nikolas Cruz, a former student, ...

    The students who swarmed Florida's state capitol in the wake of Marjory Stoneman Douglas High massacre face pushback in Legislature.

    More >>

    The students who swarmed Florida's state capitol in the wake of Marjory Stoneman Douglas High massacre face pushback in Legislature.

    More >>
  • Billy Graham's casket was hand built by inmates at Angola

    Billy Graham's casket was hand built by inmates at Angola

    Casket built for Billy Graham by Angola inmates (Source: WAFB)Casket built for Billy Graham by Angola inmates (Source: WAFB)

    Inmates at one of the country's most well-known prisons will have a hand in laying Reverend Billy Graham to rest. At his request, Angola inmates built his casket back in 2006.

    More >>

    Inmates at one of the country's most well-known prisons will have a hand in laying Reverend Billy Graham to rest. At his request, Angola inmates built his casket back in 2006.

    More >>
  • Florida man yells 'murderers!' as he's executed for slaying

    Florida man yells 'murderers!' as he's executed for slaying

    Thursday, February 22 2018 8:24 PM EST2018-02-23 01:24:33 GMT
    Thursday, February 22 2018 11:47 PM EST2018-02-23 04:47:48 GMT
    (Florida Department of Law Enforcement via AP). This undated photo made available by the Florida Department of Law Enforcement shows Eric Scott Branch in custody. Florida is scheduled to execute Branch Thursday, Feb. 22, 2018, for raping and killing a ...(Florida Department of Law Enforcement via AP). This undated photo made available by the Florida Department of Law Enforcement shows Eric Scott Branch in custody. Florida is scheduled to execute Branch Thursday, Feb. 22, 2018, for raping and killing a ...

    Florida inmate yells 'murderers!' repeatedly as he's executed for his convictioin in 1993 rape and killing of a college student.

    More >>

    Florida inmate yells 'murderers!' repeatedly as he's executed for his convictioin in 1993 rape and killing of a college student.

    More >>
Powered by Frankly