8 Things You Need to Know About EMV Chip Credit Cards

The U.S. in now opting for more secured credit card called the EMV credit card. It is also known as chip-and-PIN or chip-and-signature credit cards. This card looks like the old credit card but has a metal square on the front little above the card number.

So let us now see, what is an EMV Credit Card and why does it have a Chip?

The EMV chip credit card is a safe credit card as compared to other credit cards. Here the chip carries all the information of your credit card. It transfers the information to the payment processors in such secured manner that it becomes really difficult for criminals to hack them and use it. The chip technology is believed to change many things in face to face transactions and all other things will remain same.

How can you Use Your EMV Credit Card

When you wish to use your EMV credit card at a terminal that is EMV enabled, you have to place your credit card in the slot which is present below the numeric keypad. Keep your credit card in the slot and follow the instructions on the screen.

Remember that this is not swiping and go motion; here you have to place your credit card till the whole process is finished. You may feel that checking out is taking quite a long time as compared to usual.

You need to enter your credit card number, security code, billing address and expiration date if you wish to have online purchase.

PIN is not required for Now

The EMV card with Chip-and-PIN version has been in used since years in many countries. Theses card work with the help of chip technology and the holder has to enter the PIN for credit card transactions.

In U.S. the credit industry is opting for chip-and-signature which means you will have to sign if you wish to do credit card purchases. The industry will opt chip-and-PIN technology for credit cards in near future.

Why are EMV Cards Safer

EMV cards have small chips. These chips can create code which is unique every time, transaction takes place. Once you use the code, you cannot use that code again. So even if the hacker gets this code and try to use it for any transaction, it will be declined.

Chip technology is strong and does not allow criminals to make counter fist copies of the credit cards.

Credit card fraud is possible with EMV cards

It is expected that the chip technology will help to minimize the credit card fraud in long term. However in short term, there is a risk of credit card. For now, all retailers are not ready to process EMV chip credit cards. Hence you still need to swipe your cards in such places even though it has chip. This way the swiped cards have the risk of fraud.

Gas stations will not use this technology till October 2017. Credit card hackers favor gas stations as it is easy to install credit card skimmers. On the other hand, online transactions are also very much prone to fraud.

The hackers can make you reveal your credit card information by disguising themselves as person or business owners that you know. To save one from all this you should be careful while shopping online.

What if you have not received the new card?

The credit card industry had set the deadline to switch on to EMV cards as 1st October, 2015. But all the credit card issuers had not mailed the new cards till then. ACI Worldwide carried a survey and found that out of 10 cardholders only 4 had received the new card and 67% of cardholders had not received the information regarding how it worked.

Only a third of people who received the new card know about the move. So if you have not received your new card you can use your old card till you receive one. Remember to destroy the old card once you receive the new one.

If you have not got your new card it means your issuer has not mailed you till now. It may the case that your issuer is not providing EMV card at all or may be not giving EMV technology on your card. You can call your card customer service to know when you will receive the new EMV card for your account.

All the Merchants do not have the Equipment yet

All the large credit card terminals have started accepting EMV credit cards. They have started it as they have resources to do that. Also as EMV is more secure they can save money by not being prey to fraudsters. On the other hand the small retailers who are not aware of fraudsters much and know little about the benefits of new card will take little more time to adopt the technology.

Also they may not require the need of higher protection due to low volume of transactions. But not shifting to new cards may prove disastrous as fraudsters will now look for businesses that are not EMV ready.

If You Suspect any Fraud you should call your credit card issuer

All the credit card fraud protection applies equally to the customers here too. Cardholders will have to face maximum of only $50 liability on the purchase that is made by using purchases that are made with the help of their lost or stolen cards.

If you suspect any kind of fraud in your account, you should call your card issuer immediately on number that is given on the back of your card. Once you call they will explain you how to proceed further.

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