Have you wondered why many of your debit and credit cards have been replaced with a card embedded chip? Did it come to you as a surprise? For many Americans, the transition from our original debit and credit cards to the EMV came as a shock, and many of us were unsure of why the change happened at all. Don’t fret – you aren’t the only one with questions! The United State’s changeover to the EMV Chip may have felt as though it came from out of nowhere, but it was long in the works.
What is the EMV Chip?
Credit card fraud has been a major plague in America, and as the statistics continued to grow, the US decided to take action. The EMV chip, also known as the Europay, Mastercard, and Visa chip, had already been popularized in Europe. First introduced to the U.K. back in 1994, the EMV chip proved to be a very successful way to improve credit card data security. In an attempt to lower the United State’s increasing credit card fraud instances, EMV chips began rolling out in October 2015.
Why is it Important?
Before the EMV chip was enacted, our credit cards had magnetic strips on the back that not only carried the credit card numbers, but also the name and address information of the card holder. This magnetic swipe could be copied by fraudsters and used to make purchases without your consent. With the EMV digital chip, your information is more secure. Every time the chip is engaged, information about the card holder is re-encrypted, thus making it much more difficult to steal your information.
Now in the United States, you will find that most merchants use EMV chip terminals to help better protect you and their other clientele. By now, most of your debit and credit cards should have been switched and replaced with chip cards. If for some reason they have not been replaced, call your credit card holder and find out if it’s an available option to help ensure you are better protected against fraud.
Would you like to know more about the EMV chip or options for how your business can increase data security by using an EMV chip reader system? Contact Electronic Money Company today! We’d love to learn more about your business and how we can help you protect your assets and your customers!