The EMV credit card chip is designed to increase security against fraudulent activities with certain key features. The EMV has been around for some time now, and it has only just gained ground in North America. It works with an embedded chip as well as the magnetic strip that is found in traditional plastic cards. If you have never heard of the EMV card, then here are some things to know about it:
You Insert/Dip Rather Than Swipe
With the EMV card you insert/dip rather than swipe (although you can still do that as well) and most retail outlets have upgraded to facilitate this. Even if you don’t have an upgraded credit card, you can still use the traditional one at places that facilitate the EMV cards. Also, you can still use an upgraded card at an outlet that still uses the traditional magnetic strip card transaction.
It’s Still a Credit Card
The new EMV credit card is still much like a regular credit card but with enhanced features. It contains a new chip that facilitates faster and safer transactions. The key difference is that no signature is required with the EMV credit card.
It’s Harder for Your Information to be Stolen
The traditional magnetic credit card has data that doesn’t change; therefore it can be easy for someone to use that information over and over again. The EMV card, however, only uses data once and it cannot be used a second time. Each time you make a purchase the information is changed. This makes it difficult for information to be stolen for reuse.
EMV Cards are Not the Same as RFID Cards
EMV and RFID cards function very differently. RFID cards use magnetic field technology to allow you to hold your card over the machine without making contact. EMV cards, however, still require contact.
Retailers Can Be Liable for Not Upgrading
If you become a victim of fraud, and the retailer failed to upgrade, then the retailer is liable rather than the credit card company. If you are the consumer, it doesn’t affect you, but you should know who might get the blame if something happens.
The EMV card technology represents a big improvement in security measures, but it doesn’t mean you should be any less cautious. You are still vulnerable to online fraud, and in fact, that is where counterfeiters might shift their efforts in wake of the new technology. If you would like more information about the EMV card, get in touch with our specialists. We’ll be glad to help you get up to speed with the changes taking place.