EMV Chip and PIN Credit Cards
You may be receiving new credit cards this summer: the chip and PIN credit cards.
Credit card terminals must be upgraded to the new technology, common in Europe, by October 1st
or will be held liable for Credit Card 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
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.