How Does the New Smart Chip Affect you?

On August 8, 2016, Posted by , In News, With No Comments

CHIPEMV Cards, Smart Chips, Chip Cards, no one really knows what to call them right now, but we know they are the future of deferring fraudulent credit card charges. EMV stands for Europay, MasterCard and Visa, which are the companies that have developed and implemented the new card technology. Instead of swiping your card through the side of the machine like we’re used to, you now insert it into the bottom of the machine. Which will greatly reduce the risk of credit/debt card theft.

When you swipe your ordinary card with a magnetic stripe, it contains the same information stored on the card as before and will never change, making it rather susceptible to fraud. One breach and the thief can have continued access to your card. However with the new EMV Chips, a unique transaction code is created every time you use it, making it nearly impossible to continue the use of the card for thieves. In the event of a system breach, they would see the information of the card from that one purchase, which would no longer work because of the change in code. If you have not received an EMV Card, contact your bank and ask. Make the switch to EMV Cards to ensure your protection and prevent fraud.

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