Obama Urges More “Chip” Technology In Credit Cards

President Obama is making moves aimed at making government credit and debit cards more secure.

Visiting the Consumer Financial Protection Bureau in DC, Obama issued an executive order shifting magnetic strip cards to cards with more secure chip technology.  He praised retailers and other credit card issuers who are making the same moves and said the efforts will help protect users from financial fraud and identity theft.

The President urged Congress to consider federal legislation on the so-called "chip and PIN" technology.  He said the technology helped cut fraud in British stores by about 70-percent.  {Metro Networks Inc.)