Fraud-deflecting microchip embedded credit cards are on their way to your wallet in October 2015. But, according to Visa and MasterCard, that’s not soon enough.
Cyber security attacks that compromised the credit card information of hundreds of millions of customers at major retailers like Target over the holiday season drew vast national media attention. But "there's actually been a number of breaches over the years," Consumer Financial Protection Bureau Director Richard Cordray told CBS News; "your information is always at risk, every day."
The 70 million Target credit card breach might be the first time most people ever heard of EMV, if they even noted its mention in the coverage. More secure cards wouldn’t have averted the breach but they would have limited the value of the stored data. News stories have drawn attention to the fact that American credit cards lag behind Europe and Canada when it comes to security.