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January 22, 2014

US banks, retailers slow in deploying high-tech credit card

US banks and retailers are, reportedly, lagging behind other countries in deploying secure high-tech credit cards to tackle card related frauds.

By Verdict Staff

US banks and retailers are, reportedly, lagging behind other countries in deploying secure high-tech credit cards to tackle card related frauds.

The US credit card fraud rates, which was once lowest in the world, have doubled in the last decade as secured chip cards spread throughout Europe, reported The Washington Post.

With continuous pressure from credit card companies, some major banks and retailers have started rolling out the credit cards, which features a computer chip and security software that hides customer’s account and other details.

MasterCard Worldwide senior vice president, Carolyn Balfany, was quoted by the publication as saying that introduction of high-tech credit cards in the US will take time.

"The U.S. is the largest and the most complex market to move, so that will influence the migration," Balfany added.

Though, some retailers like Wal-Mart and Target have deployed new terminals to read the new chip cards, it is unclear how long the small businesses would take to make the switch.

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