You can find credit cards in everyone’s wallets and purses in today’s society. Credit cards are essential for building credit as well as helping us to afford many of the purchases that we make. There are drawbacks to using credit cards, however, and one of the major drawbacks is identity theft. It is easy for thieves to steal your credit card information if you don’t properly safeguard it. Many people do not consider how important credit card safety is to them. The New Credit Card Chip is the new technology to keep your bank credentials safe.
– The EVM Chip
In an effort to increase credit card safety and ensure the protection of customer identification and information a microchip called an EVM. The EVM is a safety feature added to all new credit cards. The chips make stealing information incredibly difficult. Most retailers have converted their card readers to accept chips. In October, new chip guidelines dictated that credit card companies began holding merchants responsible for fraudulent sales if they did not use the new chip reader. This action has forced many businesses to upgrade their payment terminals.
– How The Chip Protects Consumer Information
Although the new chip in credit cards makes transactions safer for the customer it doesn’t eliminate the potential for fraud. The chip works by generating a code that is unique for every transaction. This makes the credit card information difficult to obtain for thieves. The user will insert the credit card into a reader and the information transmits information rather than swiping the card’s magnetic strip. Credit card security specialists advise that you remain conscientious when using your card even if you use a chip reader. Always protect your information and if you do use the magnetic strip make sure you take precautions and inspect the reader for theft devices. If you prompted to use the magnetic strip instead of the chip you should reconsider your purchase. Always report a suspicious situation right away.