While credit card chips have made credit cards - and debit cards - safer to use, there are still precautions that we need to take when using them. I’m not questioning the effectiveness of these chips on our credit and debit cards. Evidence shows that there has been a significant decline of crime involving credit cards in countries that use these chips.

The catch though is that this evidence only shows the decline of one specific category of credit card theft: credit card fraud. On top of that, the reality is a little more complex about the security. For one, while there is a drop-in credit card fraud, it doesn’t always equate to the card being 100% effective.

There are some drawbacks to this technology.

First off, the technology hasn’t been fully adopted just yet. Yes a good portion of merchants have this technology where you don’t need to insert or swipe your card. However, there are small pockets of merchants who don’t have the technology and you do need to insert or swipe your card to complete the transaction that way.

But it’s also worth looking at the locations where that technology isn’t supported. Coincidentally the businesses that have yet to adopt this is where the merchants aren’t closely watching. Places like ATMs and gas pumps. Public places with minimal security and thousands use.

But what if I don’t ever need to pull my credit card to make a payment? That feature can still cause trouble as individuals have scanning devices that steal RFID credit card data through the air. Some are so good all they need is a smartphone.

Another aspect is online shopping too. As I mentioned in a previous episode, companies aren’t always up to speed about customer security. And with more people shopping online, thieves can still get access to the specific digits and use them.

And finally, you can still have your card stolen which is still a huge concern. In cases of credit cards, a chip does little good as a thief can easily swipe or insert it to make a payment and sign the receipt with your name. Yes, it’s a lot harder to retrieve that specific card from your person, however it becomes laughably easy once a card is in the hands of a thief.

While the technology is a breakthrough in security and is safer all around, there are still precautions we need to take. Consider the following:

• Make a habit of checking both bank and credit card statements often and ensure you recognize the transactions.