Credit Cards: Magnetic Stripe

Credit Card Dept: Even though Canadians are increasingly using credit cards with chip and personal identification number PIN technology, there are still some businesses that rely on the swipe of a card's magnetic stripe to process transactions electronically, according to Winnipeg Free Press. Credit-card fraud will continue until the magnetic stripe, which can also access account information, is phased out and taken off the card, Siciliano said and mONTREAL -- Shopping and swiping your credit card could leave you at risk for fraud. So can dining and paying for your meal with a swipe of your credit card. "There is a misconception among consumers that if you have a chip and PIN number, credit card fraud isn't going to exist," McAfee online security expert Robert Siciliano said. (www.immigrantscanada.com). As reported in the news.