What is a “Chip” card, or EMV?

Recently I got a new credit card, and when I went to use it, I could not swipe it; instead I had to insert it into a slot, and leave it there for a few seconds so the card could be “read”, then I was able to remove that card. Sounds weird right? Welcome to the future. EMV cards are here.

What is a “Chip” card, or EMV?

EMV — which stands for Europay, MasterCard and Visa — is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. In the wake of numerous large-scale data breaches and increasing rates of counterfeit card fraud, these new and improved cards are being deployed to improve payment security, making it more difficult for fraudsters to successfully counterfeit cards. For consumers it means greater protection against fraud.
Why are EMV cards more secure than traditional cards?
It’s that small, metallic square you’ll see on new cards. That’s a computer chip, and it’s what sets apart the new generation of cards. The magnetic stripes on traditional credit and debit cards store contain unchanging data. Whoever accesses that data gains the sensitive card and cardholder information necessary to make purchases. That makes traditional cards prime targets for counterfeiters. Unlike magnetic-stripe cards, every time an EMV card is used for payment, the card chip creates a unique transaction code that cannot be used again. If a hacker stole the chip information from one specific point of sale, typical card duplication would never work because the stolen transaction number created in that instance wouldn’t be usable again and the card would just get denied.

Your Chip Card will provide greater peace of mind when you travel by making it easier and more convenient to use your card for purchases at international merchants. It will also provide greater protection against fraud whether you use your card here or abroad to make purchases at merchants that use chip terminals to accept your payment. Many countries and merchants outside the U.S. have already adopted this technology, which has become the global standard.
Of course the U.S. is the last to adopt this technology, mostly for the cost of conversion. I myself can’t wait for the rest of my credit card companies to follow suit. As you well know, I love security, any measure taken, is better than nothing.

Thanks for reading, and keep your PC secure and your family safer. Remember at “Hunt Technology”, you always get “Quality Service & Individual Attention” you deserve.
Hunt Technology, 320 Watson St., Ripon WI, 920-290-0936