Silicon Valley Bank Plans to Expand Chip Card Program10/26/2011 07:00:00 AM Bank Info Security
Pradeep Moudgal knows a U.S. migration to chip & PIN card technology will be expensive. But he says continuing to rely on the static magnetic stripe will be more costly in the long run, not just for U.S. card issuers, but for their accountholders as well.
"I do believe that shift has begun," says Moudgal, who oversees global cards and merchant services for California-based Silicon Valley Bank [$19.5 billion in assets]. "Everyone wants to be in a much more secure environment. ... The mag stripe can be easily skimmed; the chip eliminates that."
But an orchestrated move to the Europay, MasterCard, Visa standard, better known as EMV, will require strong cooperation and collaboration among banks, merchants and regulators. To date, most U.S. efforts to push EMV have been isolated, spearheaded by individual institutions.
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