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LEXINGTON, Ky. (WKYT) - It appears electronic payments are here to stay. Since debit and credit cards exchanged the magnetic strip with chip cards, banks are seeing half the fraud that they were two years ago.

Two years ago, WKYT sat down with Central Bank's Stephen Kelly to learn about debit and credit chip cards that soon replaced the magnetic strip. Since then, Kelly said Central Bank has seen a "pretty sizable reduction in card fraud as a result," he told WKYT's Miranda Combs. Kelly said the chip has pushed credit and debit card fraud down by more than half at Central Bank.

However, Kelly warned, the bad guys are still out there. "So we've seen the fraudsters turn to other types of fraud as a way of capturing account information," he explained. Scammers will call or email customers, trying to get login information. "And that should be a tip right away because no bank is ever going to ask for your login," Kelly said. "That's not something we need, frankly. That's for your protection."

Banks are battling back with new ways to protect your cards, like text messages any time your card is used. Also, Central Bank is testing a program that stops your card from working if your phone is too far away. Kelly said, "We've done a lot more things now to protect you as the consumer from fraudulent use of your card."

And Kelly went on to explain that credit cards are still best for online payments and debit cards are best for in-person buys. "Electronic payments are here to stay and we see a lot of growth in that area whereas the number of checks continues to decline," he said.

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