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'''CHIP CARD SECURITY '''

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'''INTRODUCTION '''The use of charge cards and bank cards, also known as credit and debit cards, have increased drastically within the past decade. Paper currency is not obsolete, but storing a card is simpler than dollar bills. Though these cards are highly secured with up to date cyber security technology, credit card theft is an issue for card holders, and prone to fraudsters, phishers, hackers, and pickpockets who thrive off payment cards (Davidson & Turmel, 2017) (Gerstner, 2015). Much of the world has updated their security system except America, and now there is a slow transition to make American citizens just as safe (Sullivan, 2013). Eurobank Master Card Visa (EMV), more commonly known as “chip” cards, will offer stronger defenses against fraud, but will not prevent theft altogether. (Sullivan, 2013)

'''CURRENT USE Present Day Chip Card '''	Debit and credit cards have been used since the late 1970’s into the early 1980’s which offers a cash on hand system. This allows the user to spend their money freely from their bank account. Overtime, this has gradually replaced the amount of paper currency people carry on their person due to an oversized wallet, and the offering of greater safety against it physically being stolen. Currently, the majority of clothing, grocery, and family owned stores in the United States have EMV card readers. EMV’s have enhanced cyber security worldwide, but had not been prevalent in the United States until now (Wang, Chang, & Lyu, 2015). EMV cards originated in the UK, and migrated over to all parts of the world (“South Africa,” 2014). The card works by inserting it into a transaction terminal during a checkout where the customer pays for their items or goods. Once this happens the card is authenticated by the terminal where the customer must type in a numerical password on a pinpad (“South Africa,” 2014; Wang et al., 2015). Once the PIN has been successfully registered, the customer must sign with their signature, and remove their card for the transaction to be successful. This is slightly different from the older method of paying with a card that only contained a magnetic strip which was swiped on a transaction machine. Although the actions required for each of the transactions have subtle differences; swipe vs. insertion of the card into the terminal, there is a great difference in the amount of personal security each one offers.

'''SECURITY ASPECTS Chip Card Security '''The greater security that the EMV allows against card hackers makes it more beneficial to own in place of the magnetic strip transaction card. EMV cards make it harder to duplicate transaction numbers. The chip provides 3 key features: it can store information; perform processing; and provide cryptographic verification that helps protect sensitive data (South Africa, 2014). During transactions, the EMV creates a unique algorithm which cannot be duplicated. This one-time credit card transaction number, and image processing technique occurs without changing the cardholders’ transaction habit (Wang et al., 2015) With the magnetic strip card, the card information that is embedded into the transaction terminal will be the same for any other terminal in which the same card is used to make a purchase (“South Africa,” 2014). This means that card frauds will be able to read the magnetic strip with a computer device, and be able to “write” down the needed information to use someone else’s card as their own (“South Africa,” 2014) According to statistics in the United Kingdom, cards with a magnetic strip had accumulated a total theft amount of $1.1 billion dollars in 2008 (“South Africa,” 2014). Three years after more EMV cards were distributed among citizens in 2011, the annual card theft rate dropped to $540 million; nearly half of the amount of money stolen by credit card fraud in 2008 (“South Africa,” 2014, “United States,” 2016). This inference had lead officials to the conclusion that EMV cards were a safer method of payment transaction in preventing card theft than the use of the magnetic strip cards that were previously thought to be the safest method of virtual payment. '''ETHICAL AND SOCIAL IMPLICATIONS 	Ethical an Social Implications of Chip Cards '''Card brands such as MasterCard, Visa, Discover, and American Express launched chip cards which, in return, increased the percentage of vendors who carry an upgraded point of sales (POS) system that accepts chip cards (Sullivan, 2013). Compared to other countries in Europe, specifically France, card fraud rate was approximately 39% lower than the rate in the United States in 2009 (Sullivan, 2013). If fraud is drastically reduced as it was shown in these statistics, then improvements to citizen’s security should be implemented. Health care is one of the areas in which fraud mainly occurs. This is due to the patients, mainly the elderly with dementia, being unskilled with new technology, and asking others for assistance. From this, card numbers and PIN information is stolen (Lawrence, 2014; Sullivan, 2013). (“Financial Professionals Agree,” 2015) Implications for chip cards will not only help those newer to the technological era, but it will decrease the amount of credit card fraud. Combat against fraud is one battle being fought, The number of consumers worldwide who will own EMV cards is expected to grow to 2.5 billion by 2019 (Auttawutikul, Wiwitkunkasem, & Smith, 2014).

'''FUTURE USE Future Utilization of Chip Cards '''	The future of smart cards will not offer much change because they are a relatively new establishment in cybersecurity. Smart cards will continue to allow security to be granted to card holder’s bank accounts. The “chip and PIN” has taken over most, if not all, stores which offer a card payment option at the POS register (“Financial Professionals Agree,” 2015). Many industries in finance agree with this statement. With this, the goal is to decrease the amount of annual credit card fraud, and increase the amount of safety granted to all card holders (“Financial Professionals Agree,” 2015; Sullivan, 2013). '''CONCLUSION '''	The chip card is an important investment in the payment system although it will cost six to eight times more than card security today. (Lawrence, 2014) Assurance of safety should be considered before an argument of pricing is made. New technological advancements have given card holders more reliable means of protection against cyber hackers. Though cyber hackers, and frauds may never cease to exist, the improvements of implied security will make it much more challenging to hack people’s information. The future of smart cards looks bright, and there are only advancements to come that will even further the amount of security that card holders receive. Not only do these offer security, but smart cards will also create more ideas for future innovation, and making it easier for consumers to protect themselves from fraud (Sullivan, 2013).

'''ANOTATED BIBLIOGRAPHY '''1.	Davidson, D., & Turmel, S. (2017). “Chipping” in for Consumer Protection or Chipping Away at Small Business? Southern Law Journal; Edmond, 27(1), 51–63. Annotation: This article is about how credit cards have been in existence for over a century. Through time, and technological advancement, credit cards have made many advancements for the security of their users since frauds occurs on a daily basis. The implementation of a chip into the card has been used to benefit individuals from fraud, but there are some cons to this as well.

2.	Financial Professionals Agree: “Chip-and-PIN” Cards Prevent Fraud Best. (2015, March 26). Targeted News Service; Washington, D.C. Retrieved from https://search.proquest.com/pqrl/docview/1666949745/citation/CC00E2A795414338PQ/3. Annotation: This article focuses on the use of EMV (chip) cards; specifically on the security which they provide. When compared to magnetic strip credit/debit cards, these are more reliable when their objective is to prevent the occurrence of fraud during an electronic transaction. Advanced technology allows EMV cards to create a unique algorithm that changes during each purchase preventing hackers from obtaining information that can be stolen from a magnetic strip card that contains a permanent algorithm.

3.	Gerstner, L. (2015, January). Credit Cards: From Stripe to Chip. Kiplinger’s Personal Finance; Washington, 1. Annotation: Gerstner speaks about the gradual change of swipe cards (magnetic strips) to chip cards (EMV). He includes the benefits as well as possible advancements in the future that can be done to better secure finances and reduce the amount of compromise of breached security. 4.	Lawrence, D. (2014, February 10). Hack-Resistant Credit Cards Bring More Safety - at a Price. Business Week, Industrial/Management Ed.; New York, 1. Annotation: This scholarly article focuses on the epidemiology of credit card fraud caused by hackers. Current security via EMV cards have decreased the amount of fraud, especially in Europe. 5.	South Africa : UBANK embraces EMV chip smartcard technology. (2014). MENA Report; London. Retrieved from https://search.proquest.com/pqrl/docview/1537488696/abstract/2A25F5C97B614148PQ/6. Annotation: This article reports the security aspects of the chip card. It can store information; perform processing; and provide cryptographic verification. This card offers an improved security system which makes it harder for hackers to compromise.

6.	Sullivan, R. J. (2013). The U.S. Adoption of Computer-Chip Payment Cards: Implications for Payment Fraud. Economic Review - Federal Reserve Bank of Kansas City; Kansas City, 59–87. Annotation: This article compares the magnetic strip only card to the chip card. There is a greater technological advancement towards this method to keep people safe from fraud and theft. The focus is on why chip cards are better than swipe only cards. EMV cards have been shown to decrease the amount of fraud on a global scale, especially in France, and the U.K.

7.	United States : One Year Anniversary of U.S. Chip Card Launch Marks Significant Progress. (2016). MENA Report; London. Retrieved from https://search.proquest.com/pqrl/docview/1824835582/abstract/E809D69710DA403FPQ/4. Annotation: This news report stated that there has been significant progress since the launch of the Visa chip card since 2015. Banks, hospitals, transportation grocery stores, and department stores have been feeling much more confident about their security against frauds, and scammers. Credit card security does not necessarily mean that no one can be hacked, but the likelihood of it occurring will be much lower than in previous years.

8.	Wang, F., Chang, C., & Lyu, W. (2015). The credit card visual authentication scheme based on GF(2^sup 8^) field. Multimedia Tools and Applications; Dordrecht, 74(24), 11451–11465. https://doi.org/http://dx.doi.org/10.1007/s11042-014-2238-1. Annotation: This article speaks about how fraud has become a big problem and how technological changes can combat that. Chip cards will have a one-time transaction number similar to a user on the internet with an IP address. It focuses more into depth on the mathematics and functions on how this system works.

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