EMV Credit Cards Interview with KGO Radio San Francisco

By Media Relations

CreditCards.com Senior Industry Analyst Matt Schulz spoke on Friday, October 2, 2015 with Jason Middleton of KGO Radio San Francisco about the September 2015 EMV Credit Cards survey. The interview and transcript are below.


After a rash of data thefts and credit card number theft, new technology is being added to the cards that we carry.

But more than six in 10 U.S. credit card holders still don’t have a chip-enable credit card. Now on the KGO Live Line Matt Schulz, an analyst with CreditCards.com, and also KGO’s Jason Middleton. And Jason, let’s let you lead this off.

Jason Middleton: Yeah, I just want to know why should we adopt these new chip-enabled cards, Matt, because it’s a different process when you’re checking out.

Matt Schulz: It is a different process, but it’s an important step in credit card security for two reasons. One, it makes the actual plastic card harder to counterfeit, but the most important thing it does is when you use the chip card in a chip terminal, instead of passing all of your credit card information to the merchant, it passes along a unique transaction code that can only be used once. And if it’s stolen and a bad guy tries to use it again, it doesn’t work. Kind of like stealing an expired password.

Middleton: Matt, I’m curious whether these chip-enabled cards result in more fraud or less fraud? Or is there really no change at all?

Schulz: Well, it will certainly reduce fraud that’s done with people who actually have the physical card, but what it might do is lead to more online fraud because basically bad guys might chase the lowest hanging fruit and counterfeiting cards wouldn’t be that anymore. It would be online fraud.

Well, that’s not good. I actually had a, and still do have, a chip-enabled card through my credit card provider and I was a victim of fraud just recently and I don’t know what the source of that was, but I can’t help you answer that question either.

Middleton: Just real quick, Matt. In 30 seconds or so, does this hook up at all with digital payments like Apple Pay?

Schulz: What it does is it’ll make more retailers able to accept Apple Pay because these new EMV terminals will also work with the technology that powers Apple Pay and Google Wallet.

Matt, thanks a lot for your time this morning.

Schulz: Thank you.

That’s Matt Schulz, an analyst with CreditCards.com.

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