Despite the documented ability of smart chips to cut fraud losses, experts say some credit unions and CUSOs have not moved very quickly to start issuing credit and debit cards enabled with the higher tech chips.
Visa USA set the stage for the advance of smart card chips in the U.S. when it announced in August that it would, at long last, back the technology. The cards have steadily grown in overseas markets to the point where they are common in Europe and nearly prevalent in Asia, Visa and other card brands have reported.
The cards' popularity with overseas issuers has arisen from their significantly increased strength against "card not present fraud," the single largest source of card fraud in the U.S. right now, according to issuers.
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