A new study finds that credit card fraud has not declined since the introduction of chip cards in the US. The majority of stolen card information comes from hacked point-of-sale terminals.
The reasons seem to be twofold. One, the US uses chip-and-signature instead of chip-and-PIN, obviating the most critical security benefit of the chip. And two, US merchants still accept magnetic stripe cards, meaning that thieves can steal credentials from a chip card and create a working cloned mag stripe card.
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