Best Credit Card Offers specially for you

About Us  |  Contact Us  |  Articles  |  News  |  Tips  |   Tools
ADVERTISER DISCLOSURE is an independent, advertising-supported web site which is compensated by the credit card issuers whose offers appear on the site. This compensation may impacts how and where the credit products appear on our site, including, the order in which they may appear within credit product lists. does not review or offer all available credit products.

Fitch Says Data Breach Shows Need for Payment Technology Upgrade

[Friday, February 14th, 2014]

Retailers could face increased costs for payment security after data breaches at Target and Neiman Marcus left millions of consumers vulnerable to credit card fraud and identity theft.

Fitch Ratings says that needed security upgrades will be expensive for retailers to implement, but that they are necessary to protect the public. Costs could be shared by banks and retailers, lessening the burden on stores, but how much of the cost would be covered by banks versus retailers is a gray area. Stores often take a loss when a data breach occurs, due to people being reluctant to shop there again. But banks and credit issuers bear much of the cost when zero liability policies mean they must reimburse consumers for fraudulent charges. Therefore, it is in the best interest of both parties to increase security.

More expensive security leads to less expense in the end

If enhanced security measures mean fewer payment breaches, then ultimately both stores and banks will benefit. The increased cost of security technology will be made up for by fewer fraud losses. And customers who are reassured that their information is secure will be likelier to shop in stores with better security, leading to more sales.

One of the proposed methods to increase security is by replacing traditional magnetic stripe cards with EMV chip technology. These are digital chips that are embedded into payment cards and replace the magnetic stripes. Europe and Canada both use EMV chip technology almost exclusively, and doing so has dramatically reduced their fraud rates. Chip cards cannot be compromised as easily as magnetic strip cards, making them much more secure.

In the United States, adoption of chip technology has been slow. Merchants have been reluctant to invest in the up front costs of replacing their point-of-sales terminals to be compatible with chip technology. However, these recent major payment security breaches may convince them that the upgrade is necessary.

Fitch said that they expect EMV chip technology adoption to build momentum going into 2015. Part of the reason for that is a new Visa program that shifts fraud liability to merchants if European chip cards used at non-chip compatible United States merchant locations are compromised.

A government study of card payment activity showed that in 2012, there were about 31.1 million third-party fraud transactions in the United States.

Read also

Chase Student Card: Now Apply Online
[April 8th, 2020]

Chase has just made its Freedom® Student credit card accessible for online application, which is quite opportunely considering the current state of affairs with the COVID-19 pandemic. Let it be recalled that the card is the first Chase credit card designed specifically for students. It was introduced in 2019, but the only way to apply […]

Continue reading ››

Where to Go for Chase 5% Cash Back in 2020
[December 26th, 2019]

2019 flew by, and now only a week remains until 2020. Most issuers of cashback credit cards have already announced their bonus categories for all 4 quarters of the next year. Chase is no exception. However, the bank disclosed only the first quarter categories leaving the remaining three under a veil of secrecy with the mark “coming soon”.

Continue reading ››

The Average Credit Score in the U.S. Reaches Its Peak
[September 13th, 2019]

FICO, or Fair Isaac Corporation, is a data analytics company best known for its credit scoring model. As the FICO’s official website says, the FICO® Score is currently used by 90 of the top 100 largest U.S. lending institutions.

Continue reading ››
Copyright © 2003-2021 All Rights Reserved strives to keep credit card information up to date and accurate. However, all the credit card information is presented without warranty and can be changed by the credit card issuers at any time. Click the "Apply online" button to see the online credit card application and to review current credit card terms and conditions. Note that can be compensated by credit card issuers when the visitors apply for a credit card through the website.
* The webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the website are property of their respective owners.
Information in these articles is brought to you by Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles.
Disclosure: Not an access card.