Golden wants credit cards equipped with smart chips
Says technology upgrade would reduce fraud
In the wake of the security breach at Target, in which hackers got their hands on credit card information belonging to millions of the chain store’s customers, lawmakers across the country are working on legislation to try to cut down on credit card fraud.
New York State should move forward with new technology that would reduce the chances of credit card fraud and identity theft, according to state Sen. Marty Golden, who is sponsoring legislation that would require all new credit and debit cards issued to New Yorkers to be equipped with a smart chip starting Jan. 1, 2015.
The chip, which would be embedded in each credit and debit card, would replace the magnetic stripe currently located on the back of the card.
Golden (R-C-Bay Ridge-southeast Brooklyn), a member of the senate Banks Committee, said it’s time to replace the strip with the chip.