Why Are EMV Cards Better Credit Cards?

 In Payment Processing

EMV or chip cards, recognizable by the small square chip embedded in the card, have become the standard for businesses processing credit card payments today. Chip cards offer greater protection to consumers and reduce the costs of fraud. US card issuers began migrating to these more secure cards in 2015 due to ever-increasing global security demands. EMV “stands for Eurocard, Mastercard, and Visa” according to CreditCards.com and is a global standard for cards made with computer chips. Chip card readers, are used to authenticate transactions made with these cards and are found at nearly every merchant’s point of sale. To learn about what we recommend, click here.

How do you use an EMV card?
Simply insert the chip card into an EMV terminal, which will read the chip and process the transaction. Your bank may require an assigned PIN or signature for additional security.

Why are they more secure?
Counterfeiting is more difficult with EMV cards than it was with magnetic strip cards. Magnetic strips are easy to surreptitiously read and copy data from, and fraudsters are getting better at it all the time. In contrast, the computer chips in EMV cards create individual codes every time you use the card for a purchase, which means that if someone steals the data from a transaction any attempts they make to use the card for fraudulent purchases will be denied.

Who is held responsible for fraudulent transactions?
If a merchant does not use EMV terminals to process chip card transactions, they will be held liable for fraudulent transactions.

Can I still use the magnetic strip on my card?
Many merchants have the capability of processing transactions with the magnetic strip, but these types of transactions offer less security for the consumer.

Need to know more about EMV card transactions? Contact us today!

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