<p>Cards have both now, to accommodate retailers who have not yet upgraded to a chip system. Cardholders, however, can decide whether or not to continue using the magstripe. You can find more information on this topic by reading this article <a href="http://wallethub.com/edu/chip-and-pin-vs-chip-and-signature/25668/" rel="nofollow" target="_blank"><u>here</u>.</a> <br /></p>
Yes, great point. The issue - and need for the magnetic stripe - is that not all merchants switched to checkout terminals that use the PIN yet. In fact, most merchants still have not done this and it's likely to be 1-2 years before a majority of merchants accept Chip & Pin cards.
Further complicating the matter is that while Chip & Pin technology is more secure than mag stripe, neither protects against online card fraud. Within the banking industry, experts don't predict any decrease in fraud...it will simply remain at present levels by shifting to more online based transaction fraud.
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