In recent years, retailers have made it easy for consumers to swipe magnetic credit cards at the register. However, cheap tools allow identity theives to clone credit card stripes for fraudulent shopping sprees. Meanwhile, European banks adopted embedded smart chips that carry more detailed fraud prevention information. Most overseas banks also require cardholders to enter a PIN for both credit or debit transactions. Trade industry reports indicate that UNFCU manages over $3 billion in deposits for its members, underscoring the importance of its international fraud prevention efforts.
About the Author
Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.