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The EMV microchip uses high-level cryptographic algorithms to protect your information in two ways.First, when you use the card, it encrypts all of the transaction information—your name, card number, the time and date, the store information—with a unique encryption key, making it nearly impossible to hack the transaction and steal your information in the first place.Credit card fraud in the United States has increased over the last several years and accounts for almost half of all card fraud in the world, even though less than 25% of credit card transactions take place in the U. This “new” technology has actually been around for more than two decades, and in fact, nearly every major market in the world except the U. It’s taken the United States longer to implement the new system mainly because of the steep cost of installing EMV chip readers at every payment transaction point.
This makes it much more difficult for the card information to be counterfeited.
While the transition over to EMV-enabled card readers is slow, you can still use a chip card by swiping it or for online or over-the-phone transactions.
In spite of the limited availability of EMV terminals, the chip is a significantly more secure system for using credit and debit cards in stores, and reduced credit card fraud in the countries where it has already been implemented.
You can use your card for online or over-the-phone payments as usual as well.
However, it should be noted that these methods do not have the same level security as the EMV chip so your transaction will not be any more secure than if you used a current magnetic stripe card.
Your EMV card will also have a magnetic stripe on the back that can be swiped just like normal if the store or kiosk doesn’t have an EMV chip reader.