EMV CARD FACTS
Americans report billions of dollars in credit card fraud each year. The technology known as EMV is designed to help curb those losses. EMV chips are microprocessors embedded in credit and debit cards that exchange information with card readers at retail checkout locations. The technology makes it nearly impossible for hackers to use card information from an in-store purchase to commit fraud.
How EMV works
How chips protect you
Named for developers Europay, MasterCard and Visa, EMV chips encrypt your information and generate a unique code each time you use your card in a store. Each code is used only once — so they’re useless to hackers. The process of paying with an EMV card can take a bit longer, and different readers can require different steps, but it’s a small inconvenience for the increased security.
Traditional cards use a magnetic strip that provides the same unencrypted information every time you swipe. If someone copies the data, the thief can easily duplicate your plastic and use it to make fraudulent purchases.