It is widely recognised that traditional credit cards are most prone to frauds – the problem with the black magnetic stripe on the back of a credit card is that it’s about as secure as  2  BIS central bankers’ speeches  writing account information on a postcard: everything is in the clear and can be copied.
Card fraud and the measures taken to prevent it, cost merchants, banks and consumers billions each year across the globe. In contrast, smart chip cards can’t be copied, which greatly reduces the potential for fraud.