Many businesses and consumers are familiar with magstripe cards used at checkouts and by traditional POS systems all over the world. More secure than these, however, are today’s EMV chip cards. By accepting them, businesses can limit liability.
Here, we will take a look at the meaning of EMV cards and fill you in on their many aspects. First, let’s detail an EMV meaning/definition.
What Are EMV Chip Cards?
Here’s the answer to, “What are EMV cards?” in a nutshell:
When you hear the term “EMV check card”, it refers to technology created by the companies Europay, MasterCard, and Visa. Sophisticated security measures are possessed by EMV chip cards, which helps to prevent malpractices and illegal transactions. This includes cloning and skimming of credit cards.
How Do You Know If You Have an EMV Chip Card?
EMV chip cards are relatively easy to identify. On the front of the card, in the center left position, you will see a square, metallic looking “chip”. If your card has a chip on the front of it, the technology being used is EMV.
Can an EMV Card Be Swiped?
If a chip reader is not present at the merchant from whom you’re purchasing a product or services, these cards can be swiped just like traditional credit and/or debit cards.
How Does EMV Work?
Without going into overly complicated detail, here’s how your EMV chip card works:
Rather than on the traditional magnetic strip you’re used to seeing on the back of your credit card, a metallic chip contains/stores your cardholder information. Compared to strip-only cards, the system is more secure. Only through the use of a special reader can these cards be authenticated.
With the chip facing up, you insert the end of your card into the reader. Between the issuing financial institution and the card chip, data flows after the card’s been inserted into the slot. This creates unique transaction data and verifies the card’s legitimacy.
Stop Cyber Criminals
In an effort to combat credit card fraud, EMV policies have been instituted by the credit card payments industry. Cyber criminals are running rampant, which only adds to the out-of-control fraud/scammer crimes victimizing innocent people every day.
In 2021, new account bank fraud was reported by in excess of 84,000 Americans. According to the FTC, just one year prior, the number was significantly lower, at 51,000. Either way, it’s a serious issue. Bank fraud relating to ACH, electronic funds, and debit cards – compared to the previous year – grew by 8% in 2021.
You, either as a business owner or as a consumer, can help put cyber criminals out of business by switching to an EMV chip card and/or reader system today.
Do You Still Feel like You’re in the Dark regarding EMV and Other Merchant Services?
If you still have questions about EMV, POS, and other merchant services, please contact us at United Banc Card of TN. We have a convenient online form that you simply fill out and send in. We’ll get back to you as soon as possible. We will be happy to answer all your questions and introduce you to today’s world of high-tech POS.