Nine of the country’s largest payment card issuers who participate in the Payments Security task force estimate that they will have issued more than 575 million chip-enabled payment cards by the end of 2015.
Following several data breaches at U.S. companies, MasterCard Inc, the second-largest debit and credit card company in the world, is extending its zero-liability policy for cardholders in the United States to include all PIN-based and ATM transactions.
Credit and debit card fraud tops Americans' security concerns in 2014, against a recent backdrop of major retail and banking security breaches, according to the 2014 Unisys Security Index.
The theft of information linked to 80 million South Korean credit cards, including salaries, monthly card usage, credit rating and card numbers, has sparked widespread public concern, as cardholders rush to bank branches and overload call centers and service websites to see if their information as stolen.
Payment card information stolen from a recent breach at Target stores has already begun appearing for sale on underweb marketplaces for between $20 and $100 per card.
$200 million-worth in automobiles, electronics and gold was purchased on some 25,000 fraudulent credit cards in an 18-person crime ring, prosecutors allege.
After a tip from police and a customer, restaurant manager reviews security video and determines an employee was using a skimming device on customer credit cards.