Thales has previously noted in this blog as well as in the media about the US lagging behind the majority of the rest of the world when moving to Chip and PIN technology. Perhaps momentum is gaining for a change with JP Morgan Chase and Wells Fargo’s announcement last week that they will be testing Chip and PIN technology by mid-year.
We have discussed before that it would take some pretty big voices, either large issuers, a major retailer or the government, to make enough noise for change to the more secure payment card. Also, the increasing fraud rate is certainly a growing concern as consumers are starting to receive more letters in the mail about possible fraud these days than credit card offers.
The announcement last week shows that major players are now willing to dip their toe in the water and test the technology. The first audience being targeted is American travelers who can find it difficult at times to use their magnetic stripe cards overseas. The real question is whether or not this will be the catalyst to change the U.S. infrastructure over to Chip and PIN.
Regardless of the voice, reason or players involved, a global movement to improving payment card security is always a good strategy.