Smart Talk: What’s in Your Wallet? Changes Coming to Credit Cards

What to look for on Smart Talk Monday, July 6, 2015 featuring Guest Host WGAL News 8’s Brian Roche:

You may never give it a second thought, but take a real good look at the credit cards you have in your wallet or purse. See that magnetic stripe on the back? While the United States continues to rely on the magnetic stripe technology adopted in the 1970’s, most places, including popular tourist and business destinations like Europe, progressed to chip-based credit cards many years ago.

But these micro-chipped “smart cards” are gradually working their way into U.S. wallets. Visa and Mastercard have both announced that October of 2015 will be the target date for chip cards to be in the hands of consumers. And, starting in October, retailers that haven’t upgraded to use them and banks that haven’t issued them will be liable for any fraud that occurs as a result of theft.

According to the National Retail Federation, upgrading to card-chip machines will cost retailers billions. And more than a few consumer advocates wonder if retailers’ unwillingness to incur that cost is a big reason why America lags behind the rest of the world when it comes to credit card security.

When we get these cards in our hands, what protections will they offer and will we be using them to our full potential? We’ll talk with Corinne Sherman, Senior Vice President of the Pennsylvania Credit Union Association.

Also, if you’re not convinced we need to ditch our old credit cards, listen to some of the stories told by Derry Township Police Detective Matt Dotts. He’ll talk about how easily and quickly the magnetic stripe on your card can be copied and who is profiting from the rip off. We’ll also talk about other kinds of electronic device fraud and how crooks get you to send them money in ways that you may have never heard of–and why you won’t be getting it back.