New 'Blink' Credit Card has Critics Concerned

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00000344-new-blink-credit-card-has-critics-concern/

By Richard Burnett, Orlando Sentinel

JPMorgan Chase’s new, high-tech charge card, just introduced in Orlando, is taking heat from some consumer advocates who think the new technology makes card fraud easier.

The new Chase card contains a microchip that speeds card transactions by eliminating the need to “swipe” the card through an electronic reader at the checkout. Also, no signature or PIN is required.

Cardholders enjoy the added convenience and stores sell more products, says the bank-card giant, which has introduced the card in Orlando and six other U.S. markets.

But consumer advocates say the convenience of the Chase “blink” card — named for the speed with which purchases are processed and approved — comes at a steep price: greater risk of fraud.

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