We’ve all heard of the data breaches to credit and debit card numbers at major local and national retailers. You may have even been affected. With the media spotlight surrounding these breaches, you’ve likely read or heard commentary surrounding the EMV chip-enhanced cards already implemented in other countries.
So what is EMV? It stands for EuroPay, Mastercard ® and Visa ®, the three companies that collaborated on its creation.
What makes the chip more secure? Chip technology encrypts different data for each transaction (dynamic authentication). Magnetic stripes provide the same data (static data) each and every time you conduct a transaction, and fraudsters have access to inexpensive means of making counterfeit versions of magnetic stripe–only cards.
The chip, embedded in the card, is like a miniature computer with its own operating system, memory, communications interface, security features, and the ability to encrypt and decrypt data. All this new technology means it’s nearly impossible for thieves to create counterfeit EMV chip cards.
Worldwide acceptance. You can use your chip card conveniently when traveling. There are billions of chip cards in wallets today and millions of active terminals worldwide in over 130 countries. In the U.S. the number of merchants with active terminals is on the rise.
How does chip technology work at checkout?
Because some merchants will be slower to accept chip technology, chip cards still include a magnetic stripe for use in traditional terminals. Merchants who accept cards with chip technology provide terminals for chip-embedded cards. If you swipe your card at an active terminal, it will prompt you to insert your card. To conduct a transaction, just follow these easy steps:
- Rather than swiping your card, insert it into the terminal, chip first, face up and leave the card in the terminal while your transaction is being processed.
- Follow the prompts on the screen and sign the receipt or enter a PIN.
- When the transaction is complete, the terminal screen will prompt you to remove your card.
Remember to take your card with you.
Don’t have a Vantage credit card, but want an EMV chip credit card?
For additional info about our EMV chip credit cards, view our EMV FAQs.