Viewing results for:
EPC’s latest resource explains how EMV chip cards can help defend against hackers.
To prevent fraud in the first place, banks are currently introducing cards with so-called E.M.V. chips, which make counterfeiting cards — currently the most prevalent sort of fraud — much more difficult.
A new payment card is coming to Utah that will require users to insert their card into a machine instead of swiping it. It’s called the EMV/Chip Card and will be widely used by the end of 2015.
Fraud is an enormous issue not just for American consumers, but for credit and debit card issuers, especially because they are the ones who foot the bill when it occurs.
The fraud fix, as it is becoming clearer, is to take payment card information (account numbers, card verification values and the like) and devalue this data in an effort to make it less relevant to the hackers who seek to harvest and sell it.
If you’ve recently received a new credit card equipped with a shiny little microprocessor chip, you might feel a twinge of panic. If your old card was working fine, you wonder, why did your issuer send you a new one?
But changes are in the works to make credit and debit cards in America safer by adding EMV chips to them.
By this fall, most debit and credit cards issued to U.S. consumers will have been reissued as EMV-enabled cards with embedded microprocessor chips that add a layer of protection to the purchase to deter credit card fraud.