Big Protection from a Tiny Chip: Top Four Benefits of EMV-Enabled Cards
Big Protection from a Tiny Chip: Top Four Benefits of EMV-Enabled CardsComment July 25, 2018 by Triangle Credit Union
We’ve heard it before: technology is constantly evolving. From the latest tech gadgets to cybersecurity enhancements, the growth of technology has played a pivotal role in the transformation of banking security around the world. One example of how we’ve seen technology evolve in banking is with the launch of EMV chip-enabled debit, credit, and pre-paid cards. All Triangle Credit Union ATMs are EMV upgraded in order for us to provide members with the added security benefits of EMV chip cards.
Curious to know more about the chip that’s changing the way we process card transactions? We’ve compiled a list of the top four benefits of EMV-enabled cards.
1. EMV chips are difficult to counterfeit
According to Visa, EMV chips use cryptograms that are unique to each transaction, making it so stolen chip data can’t be used to create counterfeit cards. Because of this additional level of security, EMV chips make debit and credit card data less valuable to those stealing data.
2. EMV chip cards are accepted worldwide
Having an EMV chip debit or credit card ensures peace of mind when traveling. EMV chip cards are used in over 130 countries, providing you with assurance and convenience when making purchases.
3. Smarter technology means enhanced security
The chip on EMV cards securely stores card information that currently resides in the magnetic strip of your card. Because of the microchip, it is nearly impossible for a criminal to create counterfeit EMV chip cards. The card chip also enables one-time use codes for mobile transactions.
4. EMV is a global payment industry specification
EMV was jointly created by Europay, MasterCard and Visa. The specifications for EMV address the interoperability between chip-based payment applications and payment terminals.