Last year, I received a new credit card in the mail with a chip on it. I now have a debit card with a chip as well. And I was glad when I received both as the chip is considered the latest security measure to help protect your identity. Since more people use plastic, the chip (which has been popular as a security measure in Europe for years) is considered a better way to protect your identity and account information because it records a unique code every time a transaction is made.
For awhile, all local stores didn’t have the new chip reader machines, but most do now. So “chip” away without fear, right? Probably, but there is an interesting issue now being exposed about a potential flaw in the chip itself, i.e. that it’s attached to the card with glue.
Cyber Security expert John Goldsmith told our sister station WFLA in Tampa that “there is evidence that they’ve not only fallen out of cards but they’ve been stolen or removed from cards.”
Goldsmith went on to say “there’s some evidence that chips have been removed and replaced with a chip that didn’t work, that was a dummy chip. What would typically happen is they would take that chip, they would put it in another credit card.”
If a chip from your card was removed and attached to another card, there’s certainly the potential that the thief could make charges to your account. We checked today and found that the best advice is if you ever think someone may have gotten access to your wallet and messed with a chip on a card, to simply contact your bank or credit card company immediately. They can advise you and may issue a new card if needed.
In 2016, it was estimated that up to 70 percent of consumers had received chip cards and were using them and again, the chip cards are still considered the safest method right now for those electronic transactions.