EMV Security Microchips are Now Being Used
Posted by FreedomNet
On October 1st, a deadline expired for US retailers to switch over to a new payment technology known as EMV security (Europay, MasterCard, and Visa). What that means is that credit card transactions will now need to be verified with microchip imbedded in the card itself, along with the traditional magnetic strip located on all plastic cards.
Although the technology was developed by the namesake companies it is named after, several other companies, including American Express, Discover, and UnionPay, also are supported by the technology. These new cards and their technology are designed to make it harder for someone to steal your account information by adding another layer of security when making payments with a physical card. On all credit cards used in the U.S., there is a magnetic strip with the card number that is registered when swiped for payment. That number has always remained static and thus unchanged for every transaction, which makes it easy for hackers to steal the card number and use it elsewhere.
The microprocessor chips in the cards with EMV security generate a unique code for every transaction. That means that even if a criminal gets their hands on the card number and it’s code, it will not be able to be re-used a second time making that code obsolete, and it can’t be traced back to your real card number. The result, according to those in the payments industry, is better protection against counterfeit fraud that tries to mimic the functions of a real card by using a counterfeit card using real account information.
What is also unique about this technology is that now the onus of bearing the costs of counterfeit fraud goes from the card companies to the retailers who do not adopt the EMV standards for payment. And don’t worry, if you’re still using a regular credit card without a microprocessor it will still continue to work for several more years until its expiration date. If you would rather not deal with face to face transactions for credit card purchases, there’s always online shopping whose access can be provided by FreedomNet’s “No Limits Internet” in rural Michigan.
With towers all across the state and servicing much of Lower Michigan, FreedomNet is proud to be the #1 wireless no limits internet service provider in the state. Being a local internet provider allows us to be in tune with our customers’ needs and make sure we are able to provide the best customer experience possible.
If you are interested and would like to know more information, feel free to fill out a Contact Us form, or call our offices at 866.669.4737 ext. 2 and speak with a sales representative. We would be happy to answer any questions you may have.