The Orlando Sentinel reports that some consumer advocates are concerned that high-tech credit cards that allow consumers to swipe their cards – rather than sign for purchases or use PIN numbers – may make fraud easier.
The new Chase “blink” card could lead to even more identity fraud at a time when much of corporate America is trying to impose added safeguards, according to some experts. "I consider what Chase is doing irresponsible on many levels," Beth Givens, director of the Privacy Rights Clearinghouse, tells the Sentinel. "The fact is they are adopting and promoting a technology that could actually exacerbate fraud.”
The newspaper reports that Chase argues “that its nationwide anti fraud system can detect and curtail the misuse of blink cards as quickly as fraud involving regular credit cards.”
"The fundamental safety and security of this card is the best in the industry," Chase VP Tom O'Donnell tells the paper. "And we also have the most sophisticated fraud detection and prevention systems. More than 75 percent of the time, when a card is lost or stolen, we find out about it long before the customer does."
The new Chase “blink” card could lead to even more identity fraud at a time when much of corporate America is trying to impose added safeguards, according to some experts. "I consider what Chase is doing irresponsible on many levels," Beth Givens, director of the Privacy Rights Clearinghouse, tells the Sentinel. "The fact is they are adopting and promoting a technology that could actually exacerbate fraud.”
The newspaper reports that Chase argues “that its nationwide anti fraud system can detect and curtail the misuse of blink cards as quickly as fraud involving regular credit cards.”
"The fundamental safety and security of this card is the best in the industry," Chase VP Tom O'Donnell tells the paper. "And we also have the most sophisticated fraud detection and prevention systems. More than 75 percent of the time, when a card is lost or stolen, we find out about it long before the customer does."
- KC's View:
- We think that considering the level of identify theft and fraud taking place in this country, the bar ought to be set very high for all new credit card technologies that are introduced. They shouldn’t just make paying for purchases easier and faster – they also should protect the consumer to a greater extent…and not just be as safe as past technologies.
