Take a look at your credit and debit cards. Is there a chip on the front of it? If so, you can feel a little more secure knowing that you have additional protection for your account. The new EMV (Europay, Mastercard, and Visa) card, also known as a “chip card,” is different than any other card you’ve carried in the past.
Your chip card is more secure than a traditional “strip card,” because each transaction with a chip card includes a “unique transaction code.” This code changes every time you use your card making it much more difficult for criminals to obtain your card information in an effort to fraudulently use your account information.
In many respects, your new chip card will function in the same manner as your old strip card, but now you may see “chip reader” machines added to checkout lines. Chip reader machines use what is called “card dipping” and may take a little longer than a traditional “swipe” transaction, but really will not add any more time to the transaction process. If you notice that your card does not have a chip, you can still swipe it at terminals and type in your PIN to confirm your transaction as you’ve done in the past.
As the transition to the chip card continues, you will see more variations of not only the card, but the chip reader machines as well. Initial chip card distribution will include cards that have both chip and strip technology; however, future cards will more than likely only include the chip technology.
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