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Friday, February 21, 2014

Prevent credit card fraud with EMV technology

It was not long ago that Target and Neiman Marcus were hacked. Information stolen included names, addresses, phone numbers, etc. Credit cards theft has become a big issue after the two incidents. Most people blame it on the traditional magstripe technology. Lots of businesses and banks are trying to adopt a new technology called EMV to prevent and limit fraudulent use of credit cards. EMV technology is not entirely new but due to the fact that it is costly to replace all existing cards and terminals, merchants, networks and banks in the US has been reluctant in updating to the newer and more secured technology.

So what is EMV?
EMV stands for Europay, MasterCard, Visa and also known as Chip-and-Pin or Chip-and-Signature. In short, EMV uses a chip and a customed PIN to authorize every transaction. If an incorrect PIN is entered, the transaction will be rejected on the spot. You can view this comprehensive list of EMV credit cards to see if you are currently protected or if you need to act quickly to prevent any hassle from credit card fraud.

(TIME 2/10/2014)

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