Credit identity theft proofing still some way off, expert says

A sophisticated system to more thoroughly protect the personal information of American credit card users might not enter general use without government intervention, according to e-commerce expert Evan Schuman, writing in a guest column for CBS.

Schuman explains that the chip-and-PIN transaction verification system -which is already in widespread use in Europe, Australia, and Latin America – stores consumer information on a computer chip embedded within the card, rather than on a magnetic stripe on the back of it, making it a great deal more secure.

Wal-Mart, according to Schuman, is one of the first U.S. enterprises to push for more general adoption of the technology, implementing it in its own line of credit cards, but chip-and-PIN is unlikely to contribute to the security of most Americans’ personal finances very soon, he says.

In addition to using new technologies, other experts say that consumers should be very careful about where they use their credit cards, and that they should never divulge their financial information in response to an email.

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