Major retailers sue credit card companies over chip

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Two major retailers have sued two major credit card companies because they believe additional steps are needed to protect consumers financial information.

Home Depot and WalMart are suing MasterCard and Visa, saying that consumers should use a pin number and not just a signature if they use chip technology.

Limestone College MBA director Brandon Gibson worked on credit card fraud in a bank for 6 years, and knows it’s one of the biggest issues facing consumers.

Americans account for about 25% of the world’s transactions and about 50% of the world’s financial fraud.

Gibson believes the chip is much safer than a magnetic strip because the data changes with the chip each time you use it.

Financial Consultants want you to protect your financial information, by reviewing your statements often, hiding your credit card information when at cash registers, and watching for signs of skimmers.

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