Even though many financial institutions in the country have notyet begun to implement smart chip technology in their card issuing,an expert in card fraud has urged they start to do so.

Ann Davidson, a senior risk management consultant with CUNAMutual Group, the insurer for the majority of credit union cardprograms, urged attendees at a breakout session of the 2011ATM, Debit and Prepaid Forum in Las Vegas to go ahead and beginissuing cards with chips.

As the U.S. is one of the last countries to make the switch, itscontinued reliance on magnetic stripe technology has heightened thefraud risk, Davidson explained.

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