NEW YORK -- New York Sen. Charles Schumer took to the busy streets of Manhattan Monday to warn consumers and holiday shoppers about a newer type of credit card.
The Democrat said the no-swipe cards that use radio waves to relay their data aren't as secure as the those that have data contained in a magnetic strip.
Tens of millions of no-swipe credit cards have been issued in the past year. When a customer uses the credit card to make a purchase, the card is processed by a radio frequency identification reader operated by the retailer.
"You may as well put your credit card information on a big sign on your back," Schumer said. He said thieves can equip themselves with the radio frequency readers to steal information. The cards are being marketed heavily as time savers.
Financial services companies promoting the cards insist they are safe.
So, on a whim I checked out my local news website and was pleasantly surprised by what I found. A lot of the stories under "Consumer" seem to be more far-reaching than I remember including this little gem.
