In an effort to help make credit card information safer and protect consumers from being hit by bogus credit card debt, MasterCard is rolling out a new plan to introduce a safer type of credit card within the next 14 months.
MasterCard, the world's second-largest processor of debit and credit card payments, recently unveiled what it calls the "roadmap" to EMV credit cards, which are considered far more secure than traditional cards because of the way they store information. EMV cards, also known as "chip and pin," use a microchip embedded within the card itself to store information and require the user to enter a code to confirm a purchase.
Nearly every credit card ever issued in the U.S. still relies on the magnetic strip technology to store information, but rising credit card fraud totals have prodded payment processors to push for the more secure route. The U.S. is the last major country in the world to still rely upon the old credit card technology.
Consumers should always carefully look over their monthly bills to make sure there is no fraudulent credit card debt on them. Leaving these charges unattended can make it more difficult to reduce debt going forward.