In response to the latest spike in credit card fraud and identity theft, US MasterCard credit cards will receive a much-needed boost in security. MasterCard announced the security updates in late May, reinforcing the fact that the company will stay loyal to customers and work to promote heightened credit card security in the US. With the huge popularity of EMV chip technology in European markets, many are wondering if MasterCard will ramp up production of the advanced credit cards in America.
What Will Change with US MasterCard Security?
MasterCard consumers will likely not notice many of the initial security changes with their cards. The company announced that all US MasterCard owners will now have access to Identity Theft Resolution assistance, a program designed to help distinguish and reverse identity theft as soon as it happens. This new security feature will begin in July 2014.
US cardholders will also benefit from MasterCard’s extension of its zero liability policy to include all PIN-based and ATM transactions. Knowing that they won’t be held responsible for fraud and identity theft will give consumers peace of mind when shopping with their cards. This feature will roll out in October 2014.
Will MasterCard Release EMV Chip Cards?
This has been in the works for a while. In Europe, EMV chip cards are a massive hit—they’re effective, popular with consumers, and relatively inexpensive to make. US credit card companies have been planning to release the new cards in the United States by 2017. However, many are thinking that this new announcement of heightened security features will expedite the release of the cards.
EMV chip cards come with a small microchip implanted into the face of the card that prevents credit card fraud and identity theft. The cards look mostly the same as traditional credit cards, but they are inherently safer. The cards haven’t been introduced by MasterCard or Visa in the American market yet.
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