Beat the Clock!

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Due to the slow transition to chip credit cards by U.S. retailers, counterfeit credit card fraud will likely rise to $4.5 billion this year.

Questions:
1. What percentage rise will this year see as compared to last year’s credit card fraud?
2. Why are these thefts hurting retailers rather than issuing banks?
3. According to the article, what are the three types of Smart cards available?
4. Many retailers that have wanted to implement chip acceptance faster. Why couldn’t they do it?
5. What percentage of U.S. consumer credit cards now have chips?
6. When will the anti-fraud benefits be recognizable?

Source:
Kharif, O. (2016) Crooks rush to beat clock as U.S. retailers switch to chip cards. McClatchyDC.com, June 17 (Retrievable online at http://www.mcclatchydc.com/news/nation-world/national/article84343102.html)