The United States is the only country in the world that still relies on magnetic stripe technology for its credit and debit card users. Magnetic stripe technology is easily counterfeited, and United States banks incur an extremely high percentage of credit card fraud.
The Federal Trade Commission (FTC) is the nation’s consumer protection agency. The agency works hard to prevent fraudulent, deceptive and unfair business practices. These types of practices have become commonplace, and the FTC wants to educate the public about these scams.