Just how safe is your new credit card?

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We were the last country to convert to chip cards, and we are the only country where you aren’t required to enter a PIN when you do a transaction at the register.

Under our new current system, when you go to pay, you put the card into the chip reader, wait 12 to 20 seconds for it to validate, then it pops out and you sign. Yet every other single country in the world has you put the card in, then you’re asked for your secret code and only then does the transaction get approved. It’s a much safer way to do business!

Read more: How the new chip cards work for consumers

These financial institutions have your utmost security in mind

Under our current system, if somebody steals your card, they can use it willy-nilly until you notify your issuer. That’s because we in the U.S. have no requirement to enter a secret code, like the rest of the world.

Why didn’t we adopt the worldwide standard? Beats me. The banks must think we’re stupid and can’t remember another 4-digit code.

But fortunately there are lone wolfs out there adopting the world standard despite the fact that most banks in the U.S. aren’t. They include the following, according to the Wall Street Journal.

I wish all banks and credit unions would make it our choice to either sign for a transaction or punch in a secret code. We should be able to actively choose.

In the meantime, I’ll keep this article updated letting you know as I learn of more banks that let you do the world standard instead of the lame U.S. banking industry standard!

Read more: Saving for retirement: What to do in your 30s

For more money-saving advice, see our Money section.

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