EMV credit cards have been a hot topic ever since data privacy and integrity have become major concerns.
These cards house chips that are responsible for creating unique transaction codes, preventing crimes like hacking attempts.
Here are the answers to some of the questions we get asked most about EMV credit cards.
What Makes EMV Credit Cards More Secure?
Traditional credit cards work via a magnetic strip mechanism; the strip stores data that remains unchanged. Anyone who manages to access the data on this strip becomes the holder of sensitive information that can be used to make purchases.
An EMV credit card is comparatively more secure because the embedded chip generates a unique transaction code that is only valid for a particular transaction and can’t be re-used. This makes the card less likely to be misused; even if a hacker accesses the code for one transaction, they can’t use it for another purchase.
In a 2017 survey, EMV card merchants saw counterfeit fraud go down by a whopping 58% according to Visa.
How Can I Use An EMV Card To Purchase Something?
Similar to traditional credit cards, EMV cards are processed in two steps: reading and verification. However, instead of swiping, as one would normally do when making a purchase, chip cards are processed through ‘card dipping.’
This means that to process an EMV enabled credit card, you’ll have to insert your card into a machine and let it process. When a card is dipped, a signal exchange occurs between your chip and the bank that issued it to verify digital signatures and generate a unique transaction code.
This is why even though EMV cards take a little longer to process, they are more secure.
Will My Card Work Outside Of the US?
The quick answer is: it depends. The U.S is still the largest market that still relies on magnetic strip enabled cards, whereas most European countries have made the switch to EMV systems. This has sent many Americans looking for alternative payment systems for when they travel outside the US.
Customers using EMV chip technology are likely to face fewer issues while traveling since foreign merchants are wary of magnetic strips. That being said, a lot of other countries rely on chip-and-pin systems and might be unwilling to process an EMV card.
If you’re looking to transition to efficient, quicker and more secure payment methods, we can help!
Your ease and convenience matter to us, which is why we think that contactless EMV payments are the best way to make sure you’re safe from credit card fraud and similar crimes. Get in touch with Uniform Industrial Corporation and explore all your options!