5 Things You Need to Know About EMV

Posted by Haley Whisennand on Nov 28, 2016 1:18:52 PM

5-things-you-need-to-know-about-emv.jpgPaying with the use of credit card has become clockwork for most people.
Most of us do not even have to think about swiping the plastic in our own wallets.

However, with EMV or ‘Europay, MasterCard, and Visa’, people can now kick start dipping their credit and debt cars right into a terminal slot. Just like the magnetic strip on the old credit cards, the chip on the EMV credit card mainly holds the credit information of the user and transmits the information to the
payment processors in a manner that criminals can find it much harder to hack and use.

Here are the 5 things you need to know about EMV.

1. How to utilize the EMV credit card. When making any purchase with EMV credit card right at the EMV enabled terminal, you can find a slot located below the numeric keypad. There is where you dip your credit card. Just place the card into the slot. After that, follow the prompts on the screen. Leave the card there until the transaction has been successfully processed.

2. For now, users do not need a pin. For many years, the chip-and- PIN version of EMV has been used in different countries. The cards primarily utilize a chip technology and at the same time need the cardholder in order to enter the PIN for any credit card transaction.

3. Checking out may take a bit longer. If you are at the terminal that is not EMV-enabled, you should swipe your card in just one quick motion. This is done in order to complete the transaction. The online purchases may require you to enter the credit card number along with its expiration date, billing address as well as date security code.

4. EMV is much safer. The EMV credit cards have a small computer chip, which in the first place creates a unique code for every transaction. If hackers get access to the code and then attempt to use the data for the credit card purchase, the transaction will be declined. The chip technology really makes it impossible for the criminals and hackers to create counterfeit credit card information.

5. Credit card fraud is still possible with the EMV cards. While the chip technology is meant to reduce the fraud in the long-term, there is still a risk of fraud in the short term. Aside from that, not all the retailers are ready to process the EMV chip credit cards. Because of this, users still need to swipe their card at some places and the swiped credit card purchases carry the same
risk of fraud.

Until the credit card security makes significant strides, it is very crucial on the part of the users to take note the best practices when using their card. They should monitor the transactions to know if there are fraudulent activities. Aside from that, it is also advisable to be mindful of where you are making purchases. Knowing some of the most important things about EMV is a great way to take advantage of the great benefits that it gives most especially for those who are in the retail industry.

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Topics: Specialty Retail