Despite rocketing credit and debit card fraud in the USA, the land of opportunity for thieves is the only developed nation that clutches on to the easily corruptible ‘Swipe & Sign’ payment system.
Soon, the days of handing your card to a waitress to disappear out back will be over and I for one simply don’t think it is soon enough.
Towards the beginning of 2015, card purchases will require the purchaser to enter their PIN code to complete a transaction. The step is expected to greatly reduce fraudulent transactions that at times appear to run wildly out of control in many areas.
In the meantime, watch your bank statements carefully, just in case a 5 star hotel in Las Vegas appears from nowhere! That is exactly what happened to us a few years ago.
The most likely cause? A duplicate card swipe and a forged signature taken while my wife’s card was out of view.
Although the bank responded swiftly thanks to the overwhelming proof that we were in Orlando rather than Vegas, it would have been real easy to overlook a few hundred dollars mixed in with all of the other usual vacation expenses.
That of course is what the fraudsters are hoping for. Your card goes out back, they take what they need and off you go into the Florida sunshine!
Thankfully, the new PIN system offers more protection and cards will no longer disappear out back for 10 or 15 minutes!
One question: Why has it taken America so long to catch up?