New type of credit cards coming your way

At the regular meeting of the Odessa Chamber of Commerce February 10, representatives of Washington Federal Bank and of Vantiv LLC, a company that provides payment processing solutions for a wide variety of organizations, gave a presentation on the decision by Visa, American Express, MasterCard and Discover to switch from using the credit/debit cards we are all familiar with to a new type of card and processing system.

According to the presentation, credit card fraud has increased 307 percent in the U.S. since 2004, and those figures are for Visa only. That fraud has been absorbed by the card’...