With EMV implementation driving a rapid increase in card-not-present fraud in the U.S. — from an estimated $3.1 billion in 2015 to an expected $5.2 billion in 2017 — Chicago TV station WLS thinks you should be worried about (drum roll, please) the smart chip falling out of your card.
The station’s recent I-Team report advised viewers that, “The chips in credit and debit cards protect consumers from hackers, but the same technology could make you a victim of fraud. The chips can physically fall out of the cards and be used by criminals.”
Consumers interviewed for the report were horrified, of course. “That’s unbelievable. At the end of the day things are supposed to be more and more secure,” one subject told the reporter.
Contacted by the reporter (whose own smart card had lost its chip, inspiring the I-report) a Chase spokesperson said, “an entire chip falling out of the card is rare.”
Presumably, though, a crook who happens to stumble across a stray chip could laboriously pry the chip out of another card and replace it with the found chip.
Or, with fraction of the time and effort required, he could just steal your wallet.
Source: ATM Marketplace