Recently, WalletHub interviewed Dr. Susan Hume, associate professor of finance, on the differences between chip and pin credit cards. According to Hume, depending on your location and the country’s banking laws, security for cards is enforced by either “Chip ‘n Sign” (CSIGN) or “Chip ‘n PIN” (CPIN). The US uses chip with signature for both credit and debit cards. Hume indicated the over-saturation of banks in the US as the cause for delay in switching to Chip ‘n PIN secure credit cards.
“Because Chip ‘n PIN cards have two levels of security, these are ultimately more secure. But the chip technology alone is highly secure as TAP payments,” said Hume. “Be vigilant when using your credit card online as there is no Chip reader!”
The full interview with Dr. Hume is available here.