Following Visa and Mastercard announcement Friday to work to increase security, Senator Golden calls on a all companies to install EMV in all credit and debit cards.
Brooklyn, NY – State Senator Martin J. Golden (R-C-I, Brooklyn) today is calling on all lending companies to require EMV on all credit and debit cards throughout the United States. EMV, also known as ‘chip’ would install a unique microchip on all new credit and debit cards, making identity theft significantly more difficult, as EMV gives each card an individual marker.
In recent days, there has been an uptick in credit card and bank fraud in southern Brooklyn, affecting many residents in the Senator’s district. These thefts have lasting effects, leaving many with little to no money for weeks on end and months of fighting fraudulent charges, depending on the lender.
“The technology is readily available to protect credit and debit card users from being so easily targeted and scammed,” said Senator Golden. “Europe has been implementing this technology for years, and it has been an effective means to help prevent monetary and identity theft. I want to thank Visa and Mastercard for being leaders in helping in the fight, and call on all lenders in the United States and in New York to implement these proven methods to help stop fraud as expeditiously as possible. The cost of doing nothing is far greater than the cost of implementing these security measures.”