Co-Founder of eConsumer Services® Interviewed on Focus Atlanta
The Dangers of an Uneducated Consumer as EMV Technology is Adopted
eConsumer Services® co-founder, Monica Eaton-Cardone, was interviewed by Keisha Lancelin for her Focus Atlanta TV show. Eaton-Cardone is a thought leader within the payments industry. In this interview, Eaton-Cardone discusses how credit card fraud is about to change for the US, and the steps consumers can take to protect themselves.
Banks in the United States have been given an October 1st deadline to issue EMV cards to consumers. Otherwise known as chip-and-PIN, these cards will make it a lot safer for consumers to use their cards at the point of sale, as the technology requires more validation that just a signature. Eaton-Cardone states that “it will be 10 if not 100 times safer” for consumers using their card to make purchases in stores, at gas pumps, etc.
This technology increases security for consumers at the point of sale only. It is predicted that the adoption of this EMV will change the way in which credit card fraud occurs. Eaton-Cardone explains that there is a high possibility we will see the same pattern in the US as we did when Europe shifted to chip-and-PIN: online fraud will increase. Fraudsters need to continue making money and online will be the easiest medium to access credit card details.
The question is, what can consumers do to protect themselves from online fraud? It is key that consumers remain vigilant. Thoroughly checking their bank statements for signs of abnormal activity and remaining cautious online when using their card.
It has become paramount for online merchants to create a frictionless payment process online. In most cases, like Amazon, for example, this means storing the customer’s credit card information. This makes it quick and easy to purchase from the site. Eaton-Cardone advises consumers to consistently change their password to sites that store their credit card details. This proactive approach will make you a harder target for criminals.
