Expert: Avoid Using Debit Cards for Now

Thursday, 04 Sep 2014 12:38 PM

By Melissa Clyne

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Americans should be wary of using debit cards until late 2015, when smart cards with computer chips become standard in the United States, cybersecurity expert Steven J.J. Weisman said Thursday on Newsmax TV's "America's Forum."

Other countries already have smart cards, which provide a unique number for each transaction from an individual chip, but the United States lags behind because U.S. retailers don't yet have readers for the smart cards and probably won't until October 2015, when regulations call for fraudulent charges to be passed on to retailers instead of consumers, says Weisman.

"So, until that time there really isn't a financial incentive for the companies to undergo the costly change to the new equipment," he said.

Story continues below the video.



Watch Newsmax TV now on DIRECTV Ch. 349 and DISH Ch. 223
Get Newsmax TV on your cable system – Click Here Now
 
 
Weisman predicts more mass security breaches similar to those that have taken place at Target and, most recently, Home Depot.

"I actually have more concerns now following the breach of security at Home Depot, which is going to occur with other retailers again and again in the upcoming months," he said. "It's partly because the same kind of malware sent by the same eastern European hackers that went to Target, went to PF Chang's, was what was behind it at Home Depot as well."

He said hackers steal card numbers and then post them on online black-market websites where they are sold to identity thieves.

Until smart cards become available, Weisman recommends that consumers use credit cards – which limit the amount you have to pay in the event of a theft – and cash, as well as monitor card usage.


Related Stories:

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

O'Reilly: Calling Me Fear-Monger Is 'Smokescreen' for Obama

Wednesday, 22 Oct 2014 21:32 PM

With President Barack Obama's approval ratings at record lows, some of his supporters are blaming "fearmongering" by the . . .

'Car Coach': Defective Airbags a Growing Menace to Drivers

Wednesday, 22 Oct 2014 19:17 PM

The number of cars carrying faulty airbags that could deploy without warning has climbed into the millions, and motorist . . .

TV360 CEO: Illegal Immigration Is Issue No. 1

Wednesday, 22 Oct 2014 18:48 PM

A businessman and filmmaker who says he is in "the exploratory phase" of a presidential run calls illegal immigration th . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved