EMV Chip and PIN Credit Cards
You may be receiving new credit cards this summer: the EMV chip and PIN credit cards.
Banks must upgrade all credit card terminals to the new technology by October 1st. Banks which fail to comply will be held liable for fraud that happens in their establishment.
The EMV chip and pin cards reduce credit card data theft by containing a chip that encodes data transferred to the merchant. They are also tougher to clone than
magnetic strips.
Reducing, But Not Eliminating, Data Theft
This technology will not do away entirely with data theft. Online fraud and insecure websites that might store your data are not protected by the chip. For that, you need complicated, hard to guess passwords. And since credit card fraud still happens overseas, the system is not fail-safe.
For businesses and companies, this means it is their responsibility to upgrade credit card terminals for the new technology or they will be held liable for credit card fraud.
