Long gone are the days when a shopper was required to carry large amounts of cash in a wallet, money clip or purse. Today, everything has gone digital, including money. While credit and debit cards are not a new concept, online shopping and acceptance at nearly every retail outlet has made them more popular than ever. The problem with these traditional credit and debit cards is that the numbers can easily be secured by scammers. This means that a scammer can rack up thousands of dollars in debt or drain a bank account in a matter of minutes. This is a frightening concept for both consumers and business owners. To combat identity theft and fraud, which nearly 18 million Americans experienced in 2014 alone, credit and debit cards are being redesigned with “chip” technology to make fraud or theft more difficult.
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Current statistics provided by the U.S. Census Bureau and the Federal Reserve state that the
average American household carries credit card debt of over $16,000. Credit card debt is fairly common, and it affects hundreds of thousands of Americans who use a credit card daily for groceries, gas, vacations, household items, dining out and medical bills.
Today's technology makes it easier than ever to conduct a full range of financial transactions online. However, doing so can be dangerous if you don't first take certain precautions.