Bayside Marketplace is one of the first shopping centers in South Florida to begin accepting a new type of credit card intended to prevent fraud.
The new cards have an electronic chip inside that require special readers. NBC 6 first told you about the cards coming to South Florida earlier this year. The chip inside the credit card makes it almost impossible to breach.
New Tech to Fight Credit Card Fraud
“We are not happy to say that Miami is again one of the cities where fraud is a major issue,” said Miami Mayor Tomas Regalado. “So, hopefully the partnership with the Secret Service and the new way of using the credit card; we will be able to save money.”
The card is either tapped or inserted into the reader instead of swiped like current cards. Experts said every transaction stands alone, so even if a thief could, they could only use it once. The cards, Europay MasterCard Visa, or EMV, can reportedly cut fraud up to 63 percent.
Bayside was selected as the first location to use the cards as the downtown landmark proposes a major facelift, including a 1,000 foot observation tower.
“Actually, what this is going to do is to limit the credit card fraud throughout Bayside Marketplace and increase traffic and sales,” said Pamela Weller.
Merchants met with technical experts Thursday night and by the weekend, some of the stores will have the new machines in use. Other merchants can also sign up for the program by clicking here to find more information.