So let’s look into the different CAT tools and see what various benefits or downfalls exist. This is quite common with technology and ideas, the innovators are often the slowest to adapt. The United States had been slow to adopt this technology because it would mean changing the hardware that we have been employing for the past forty years only now is the Chip and PIN system becoming more frequent in the United States. Any American who has frequently traveled to Europe in the last decade can tell you about the looks we get when we hand a shop clerk our card to pay for an item and they do not know what to do with it because there is no EMV chip.
Meanwhile, Europay (Belgium) established the EMV Chip as a means of a more secure transaction medium – the first version of the EMV Standard was published in 1995. Until just a few years ago, the magnetic stripe was the basis of all credit and debit transactions in the United States. This was quickly adopted around the world. In 1971, they started producing magnetic striped credit and identification cards in Dayton, New Jersey. Magnetic stripe credit cards were an invention by International Business Machines (IBM) in the late 60s.
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