Is credit card fraud declining? Not yet

Is credit card fraud on the decline?

Wired reports that the heyday of credit card fraud is almost over, even though yesterday Jimmy John’s said 216 of its stores had their security systems breached.

Wired’s story is long, but its reasoning is simple: after all this credit card fraud,  companies will have to start adopting more secure payment methods. Stuff like the new Apple Pay, and EMV credit cards.

Though that might fix the problem eventually, the odds of it happening soon seem slim. Not everyone’s going to run out and update their credit card or buy an iPhone 6. Meanwhile, not three weeks ago Home Depot announced one of the largest credit card security breaches in the world — affecting 56 million people. That’s not all…

  • Yesterday, four males in Mississippi were caught using counterfeit credit cards, and are suspected of having done so in several other states.
  • A waitress at an Olive Garden in Georgia was just charged with stealing more than $5,000 from multiple credit cards whose strips she had swiped onto her phone at work.
  • Another waitress in Ohio swiped customers’ cards for a few hundred bucks.
  • 19 people in Atlanta were indicted for stealing checks as well as requesting credit cards using other consumers’ information.

There’s literally a new credit card fraud story every day, so change can’t come soon enough. Wired jokes that future engineering students will look upon this period and marvel at the old-timey way in which magnetic strips encoded with important banking information were used to make transactions.

But what’s really funny is that the U.S. is among the last countries to get the memo. Europe’s been using EMV cards for years, and Canada has since 2008, according to the not-for-profit Smart Card Alliance. They’ve already seen credit card fraud declining, and we will too — eventually.

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