EMV CREDIT CARDS
What is EMV 101?
Learn about how chip-enabled credit cards (also known as EMV Technology) are becoming the new standard for consumers and business owners.
WHAT TO KNOW
Credit cards themselves are not changing, they are just becoming safer. Think of your new EMV technology as password protecting your credit cards. Before, the magnetic strip contained open personal and financial information vulnerable to theft. Now, however, EMV cards are encrypted with powerful technology that secures all customer information. This ensures that only the intended merchant and customer are involved in the transaction. In New Jersey, we like to say that the customer may take 5 more seconds to checkout with EMV, but their information will be safe forever.
HOW IT WORKS
EMV cards are the global standard, with more than 3.4 billion issued across 80 countries. Embedded with a visible microchip, these safe new cards are decrypted only after the customer inserts one into a terminal and types in a secret PIN number. This system will be applicable to both debit and credit cards and the account linked to each card will not change. For example, an EMV credit card will still not be attached to a cardholder’s checking and savings account. Although the magnetic strip on the back of the card will still be accessible, a chip-enabled terminal will require a customer to follow the new procedure for all commercial transactions. Procedures for online transactions will not be effected by these changes.
WHY IT MATTERS
Starting on October 1, 2015 by Executive Order, President Obama’s BuySecure Initiative will mandate the implementation of the more secure ATM and credit transaction system between merchants and customers. As part of the initiative, liability for unprotected transactions will be shifted to the merchant in order to boost consumer confidence, but through continued awareness, it is also designed to protect the legal and financial interests of businesses of every size.
Find OUT MORE FROM YOUR OWN CREDIT NETWORK
Follow the links below to access the website of your own credit card provider
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