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Chip and PIN Credit Cards Finally Explained

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Chip and Pin Credit Cards Lower Fraud by 700%

Chip and Pin Credit Cards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  • It will take at least 5 years for Chip and PIN (or EMV) transactions to make up the majority of retail card processing in the U.S.
  • Most large retailers are likely to implement Chip and PIN technology over the next two years
  • Other technologies, like mobile or electronic wallets (e.g. Apple Pay), could become the preferred payment method over Chip and PIN card technology due to their ease and advanced security.
  • Although Phase 1 (Chip and Signature) will prevent credit card fraud by making credit cards harder to clone, it WILL NOT make them harder to use if they get into the wrong hands. Therefore, continuing to closely monitor our accounts and personal information will help you avoid becoming a victim of fraud.
  • Phase 2 (Chip and PIN) WILL make credit cards harder for thieves to use, which is even more reason to support the transition to the new technology.

John Sileo is an an award-winning author and keynote speaker on keeping your organization from becoming the next data breach headline. John specializes in making security entertaining, so that it works. John is CEO of The Sileo Group, whose clients include the Pentagon, Visa, Homeland Security & Pfizer. John’s body of work includes appearances on 60 Minutes, Rachael Ray, Anderson Cooper & Fox Business. Contact him directly on 800.258.8076.

EMV Security is Coming, Ready or Not (And You’d Better Be!)

Quite a while ago, not long after the Target data breach, I wrote a detailed  blog about the importance of the United States catching up to more than 80 other countries who already employ EMV security measures for their credit and debit cards.  (EMV refers to “Europay, Mastercard, and Visa” or “Chip and PIN” technology.)  Why so important?  This one statistic should answer that question: Almost half of the world’s credit card fraud now happens in the United States —even though only a quarter of all credit card transactions happen here.

As a consumer, you should be glad of the change because you will be much better protected than with traditional magnetic stripe technology we’ve clung to for so long.  EMV authentication includes a cryptographic message that makes each transaction unique. Having a card that is difficult to hack or duplicate and requires something YOU know (a PIN) will provide extra layers of protection.

If you are a business owner, you’d BETTER be aware of this required change because as of October of 2015, the burden of fraud will no longer be on the issuing banks, but the merchant who accepts bad cards and is not set up with an EMV reader.

The bottom line: the use of EMV security measures will help make YOUR bottom line a lot more secure!  That’s something I can get behind!

John Sileo is an an award-winning author and keynote speaker on identity theft, internet privacy, fraud training & technology defense. John specializes in making security entertaining, so that it works. John is CEO of The Sileo Group, whose clients include the Pentagon, Visa, Homeland Security & Pfizer. John’s body of work includes appearances on 60 Minutes, Rachael Ray, Anderson Cooper & Fox Business. Contact him directly on 800.258.8076.