BACK

Research and Statistics

Survey: Old mag stripe cards more secure than mobile pay

Summary

Most people think the new chip cards are safer to use than mag stripe ones, but many say the old mag stripe card poses less risk than new mobile payment options.

The editorial content below is based solely on the objective assessment of our writers and is not driven by advertising dollars. However, we may receive compensation when you click on links to products from our partners. Learn more about our advertising policy.

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Please see the bank’s website for the most current version of card offers; and please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.

Those new chip cards in our wallets are more secure than the old magnetic stripe cards, 70 percent of a survey’s respondents say. But only 22 percent of those surveyed say mobile payments are safer than the old mag stripe cards.

While most people seem to have accepted the tradeoff of a more secure chip card versus a quicker-to-swipe mag-stripe card in stores, Protiviti’s 2015 Consumer Banking and Online Payments Survey found that people are dubious about the safety of mobile payments.

What accounts for the skepticism? The survey authors say that with no clear winner in the mobile payments race — Apple Pay, Android Pay and Samsung Pay to name just a few — consumers may be finding it difficult to assess the security of the new payment systems.

The promise of mobile payments and any consumer confusion haven’t deterred more players from entering the race. Last month, MasterCard rolled out partnerships to equip key fobs, rings and fashion accessories for mobile payments.

But will we trust our wrist monitors, rings, smartphones to securely pay for our coffee, gas and groceries? The study’s findings suggest the jury is still very much out.

The Protiviti survey of more than 2,000 consumers was conducted during the second quarter of 2015 and released Oct. 26.

  Chip vs. mag strip vs. mobile payment security

 

See related:  8 FAQs about EMV chip cards, More infographics

To use the graphic on your site, use the following code:

 <center><a href=”http://www.creditcards.com/credit-card-news/security-mag-stripe-mobile-payments-1701.php”><img alt=”CreditCards.com infographic: Chip cards favored for security, mobile payments not so much” border=”0″ src=”http://www.creditcards.com/credit-card-news/images/mobile-chip-mag-security.jpg” /></a> </center>

What’s up next?

In Research and Statistics

Fed: Banks make credit flow a bit easier

Consumers’ appetite for cards grew in the third quarter, while banks were somewhat more willing to serve up new cards

Published: November 3, 2015

See more stories
Credit Card Rate Report Updated: July 17th, 2019
Business
15.61%
Airline
17.59%
Cash Back
17.68%
Reward
17.58%
Student
17.79%

Questions or comments?

Contact us

Editorial corrections policies

Learn more

Join the Discussion

We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company’s business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.