This holiday season, online and in-store shopping might not be as secure as you think.
Experts say the risk of payment card fraud is on the rise, and remains a top concern for retailers despite the upgrade to chips.
Using a chip card, or EMV payment system, is supposed to be safer but one expert says this isn’t always the case.
“In 2015 when EMV was supposed to be implemented properly, chip and pin, in this country it didn’t happen. We are chip and signature,” said Natalie Dunlevey with National Processing Solutions.
EMV cards are harder to counterfeit, but a pin would have added another layer of security.
According to Dunlevey, banks make money from every dip, and were worried shoppers wouldn’t want to remember a pin.
“The first bank that actually employs this protocol is going to lose money because that card is going to be the last used card in somebody’s wallet.”
Payment card fraud is the top concern for retailers, according to a new survey by the National Retail Federation. Online cases were up 13 percent from last year.
Enabling account monitoring services gave one Dayton shopper some peace of mind.
“I had somebody try to cash a check in my name in Kentucky a couple weeks ago and they notified me right away and got the video footage,” said Dayton resident Erin Scherrer.
To protect yourself:
- Turn on account alerts through your bank or credit card provider
- Make sure retailer websites have HTTPS security
- Visit store websites directly – avoid clicking links that could be phishing scams