More than 100 million people had their card information stolen last year. It's easy for thieves to use stolen credit-card data because the U.S. relies so heavily on magnetic strips, according to Steve Montross, CEO of CPI Cards, in Littleton, Colo.
The chorus of voices urging migration to chip-based credit cards points to their use in much of Europe and Asia, which has helped prevent credit card fraud in those areas.
"As the rest of the world, or the other major economies, have moved to chip-based card payment systems, what has happened is the fraudsters have started focusing more and more on the U.S.," Montross says. "It's the weak link, so to speak."
