United States credit card system begins complete overhaul in the next 18 months

The United States is lagging behind most of the world when it comes to credit card technology, but luckily it’s about to catch up. In the next 18 months, the US is gearing up to transition debit and credit cards away from the magnetic stripe to chip-and-PIN technology, which is already widely used in Europe, Asia and beyond. Who can you thank for the long-overdue upgrade? Target, whose data security breach earlier this year highlighted the security flaws in the magnetic stripe system. It’s a 50-year-old technology, after all, and it’s much easier to counterfeit than the computer chip in your next Visa card.

In addition to adding a chip to each of the 1.2 billion credit and debit cards circulating in the US, the rehaul requires upgrading card readers at retail locations, and there’s plenty of incentive for businesses to hop on board with the change. If your local WalMart doesn’t adopt chip and PIN readers, it will be held accountable for any fraudulent face-to-face transactions. Point-of-sale systems used by smaller businesses, such as Square and PayPal here, will need to reissue card scanners as well.

According to research firm Javelin, the upgrade could take about three years, with international and premium cards getting the switch to chip and PIN first. For the record, there are already several cards with the new tech available to Americans, from American Express and JPMorgan Chase among other institutions

via United States credit card system begins complete overhaul in the next 18 months.

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About steventorresramos

I have over (24) years of Computer Aided Drafting & Design experience and over (16) years of IT experience. After graduating high school I attended a Technical College and earned an Associate Degree in Drafting & Design. I then enrolled at the University of Puerto Rico where I earned an A.S. in Civil Engineering Technologies. While attending the Univ. of Puerto Rico I worked as a freelance Drafter for a variety of architects and engineers. During my senior year I began to work for the firm Planning Management & Development in Ponce, Puerto Rico. Two years later I was offered the position at Mario Corsino & Associates, which later became InterGroup a medium size Civil Engineering, Architectural and Planning firm in Bayamon, Puerto Rico. At InterGroup I became assistant chief drafter where I was responsible for 20+ drafters & civil techs, and this is also where I began my IT training. In 2000 I decided to move to St. Petersburg, FL where I was hired as CAD Manager at Advanced Engineering & Design a small Civil Engineering firm established in 1998. Currently still employed by Advanced Engineering & Design I’m now the CAD/IT Manager. I have also continued to expand my knowledge base in both the IT & CADD fields through continued training, certifications, and attending Autodesk University. I’m currently an Autodesk Certified Professional proficient in AutoCAD, Civil 3D and various other Autodesk products. I have been the President of the Tampa Bay Autodesk Users Group (TBAUG) since late 2007 and a member of Autodesk Users Group International (AUGI) since 1996. I have an A.S. Degree in Computer Networking , a Bachelors of Applied Science in Technology Management and currently finishing work on my Masters in Computer Information Systems. I’m a licensed drafter in the US Commonwealth of Puerto Rico, and a Microsoft Certified Professional. I hold certificates as a Microsoft Certified IT Professional: Server Administrator, Cisco Networking Associate Professional and Linux Administrator.
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