Credit card companies are adding EMV technology to new cards, which replaces magnetic stripes. By the end of 2015, up to 70% of new credit cards issued in the US will contain EMV chips, according to Creditcards.com, a credit card comparison website. The new EMV chips are RFID-enabled, which means you can easily buy a train ticket at any European train station kiosk. European merchants have been using EMV technology–also called Chip-N-PIN for nearly a decade, and the system has dramatically reduced credit card fraud since it was deployed in the UK in 2004.
However, EMV cards cards can also be scanned from a short distance because they operate on radio wave–offering a convenient “no contact” swipe. But this feature also makes credit card numbers potentially easy to steal. In Europe, theft is not a major problem because card issuers also require customers to enter a PIN with each chip card transaction. In the US, only a signature is required for chip cards. This is where the security problem occurs, according to a recent article in Wired.
How do you protect your new RFID chip credit cards and keep your money safe?
One solution is to surround your chip-enable cards with a Farrady cage that prevents thieves from using radio scanners to read numbers remotely. Such a device presents itself in a wide range of options, from do-it-yourself to high fashion.
You can make your own lightweight Farrady cage wallet for about 50 cents. Brian Green, author of briangreen.net, details the process in a few illustrated steps (located at http://goo.gl/beUW9a ).
Makers of travel gear have begun to produce RFID-blocking wallets for that shield EMV credit cards and also new passports containing chips. Pacsafe makes a $50 rFID-safe travel wallet in navy R<a href=”http://www.amazon.com/gp/product/B00MOF7OQC/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B00MOF7OQC&linkCode=as2&tag=mauih-20&linkId=X76UTAZUWELIJLV2″>Pacsafe Rfidsafe V200, Navy Blue, One Size</a><img src=”http://ir-na.amazon-adsystem.com/e/ir?t=mauih-20&l=as2&o=1&a=B00MOF7OQC” width=”1″ height=”1″ border=”0″ alt=”” style=”border:none !important; margin:0px !important;” />
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High Function Fashion
Stewart Stand makes a high-fashion line of men’s and women’s RFID-safe wallets. These wallets are lined with stainless steel mesh, which blocks RFID scanners. Their travel wallet holds a passport, up to 8 credit cards and an ID. http://www.amazon.com/gp/product/B00CBO3UBO/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B00CBO3UBO&linkCode=as2&tag=mauih-20&linkId=CH673YCZ3BFGH2KR