5 things you need to know about chip cards

Posted by sere on November 13th, 2019

Whether you request it or not, you may have received a new credit card recently.

Did you notice it looked different?

In addition to the more familiar mag stripe on the back of the card, it may also contain a little gold or silver chip on the front.

Now that October has arrived, these new EMV or \"chip\" cards are being reissued in droves to cardholders across the United StatesS.

What happens in October?

This is when the credit card fraud liability previously assumed by the credit card company and the issuing bank will be transferred to the merchant where the fraud occurred ---

But only if the merchant does not have a chip card reader at the point of sale (POS)device. Huh?

What you need to know is: 1)

The mag stripe was not replaced by EMV-

YetLarger merchants like local supermarkets or grocery stores may have upgraded the POS terminal where you previously swiped your card.

Did you notice it?

If you don\'t already have a chip card, your traditional mag stripe card can still work on all new terminals.

However, if you do have a chip card and you are trying to swipe it, WhatsApp will instruct you to \"dip\" the card and complete the transaction using this method.

A survey conducted by Software Consulting found that only 22% were small. to medium-

Large enterprises that meet EMV standards.

If you come across a merchant that doesn\'t have a chip reader, you can still use mag stripes on the new card as before. But take note -

Brushing chip cards is no safer than brushing ordinary cards. 2)

Remember that one of the main differences between \"dip\" and \"chip\" mag stripe swipe and chip dip is that previously, swipe once and then complete the transaction without having to swipe again.

This will change with the new EMV card.

You need to insert the card into the reader and then complete the transaction by adding a prompt, signing or entering a PIN, the card is in the card reader all the time.

This process allows the chip to encrypt the data to secure the transaction.

Don\'t forget to take your card before you leave!

It is also worth noting that the gas station will not upgrade the equipment until October 2017, so the pump will continue to become the target of offline fraud. 4)Chip-and-

Pins are safer than chipsand-

If you get a new chip

The card has been enabled and it may need your signature instead of the PIN number.

Unfortunately, this means that the card is not as secure as it is possible, as it is harder for fraudsters to steal PIN numbers than to counterfeit your signature.

The Federal Reserve has reported a 700% increase in the security of PIN trading.

If this is your concern, please contact your bank or card issuer to see if they can provide you with a card that supports the chipand-PIN. 5)The U. S.

The technology has been around the world for decades, and it is very late for the party.

It was first used in France in the 1980 s and appeared in most countries outside the United States. S.

Currently, as we continue to use mag stripe, about half of the credit card fraud in the world occurs in the United States-

Outdated technology

So don\'t be afraid of chips;

This is a good thing!

While the launch of EMV may be a bit of a headache for cardholders, card issuers and merchants, enhanced security should pay off in the long run, paving the way for new and even safer technologies.

* Edit note: This content is not provided or commissioned by the credit card issuer.

Any comments, analyses, comments or suggestions expressed in this article are the author\'s personal opinions, analyses, comments or suggestions that are not reviewed, approved or endorsed by the credit card issuer.

The site may be compensated through a credit card issuer Affiliate Program.

* The content in this article is accurate on the release date and may vary depending on the card issuer.