We’ve all seen the new chip readers in stores and heard them beeping at card-holders. But does anyone really know why cards are being converted to EMV (Europay, MasterCard, and Visa) chip technology debit card?
We do! At Fidelity Bank & Trust we are adamant about protecting your financial information. Our new debit cards with chip technology are another way we can protect you.
How do these chips make you more secure? That’s a great question. The chip technology was created for that very reason. Unlike magnetic swipe cards, chip cards are encrypted so that your information is harder to steal.
It adds another layer of security to cards by requiring the chip to produce a single-use code to validate the chip transaction.
When your current card expires and you get a new debit card through Fidelity, you can still use the magnetic strip where chip readers are not available.
MasterCard has recorded a 54 percent decrease in counterfeit fraud costs among its EMV-ready merchants from April 2015 to April 2016. Also, MasterCard has seen a 77 percent increase in counterfeit card fraud year-over-year among merchants who have not yet implemented chip technology.
If you have any questions about the implementation of chip technology debit cards, please come visit us at any of our locations!