We all have received the notification to switch out our old debit or credit card to a new one. The new one will include an EMV (Europay, Mastercard and Visa)chip. What is the difference though?
We are going to give some advantages that an EMV card has over the older Magnetic Stripe that we previously have.
1. EMV Card can prevent fraud more effectively - Since EMV card has a more sophisticated and effective security system which can help prevent common credit/debit card fraud MOs right now. Magnetic stripe cards are really prone to card thefts like when someone physically swipes it at a fraudulent terminal. In countries that adopted EMV chips, incidents of credit/debit card frauds went down significantly.
2. EMV Card is harder to clone - Non-EMV card is easier to clone due to the nature of how simple they get and match your backing information. These information are also static which makes it an easier target for fraudsters. They can easily take it and clone it into a new card just by using a skimmer.
EMV Card, on the other hand, has a constantly changing data on the card. Nothing is static. Which makes it very hard for fraudsters to actually extract any vital information from the card itself. It is so hard, in fact, that they need to physically take out the chip from the card in order to manipulate any of your banking information. Unlike skimmers that can be easily made by fraudsters, tools required to extract an EMV chip can cost upwards of USD 1 Million.
See Also: UnionBank, Visa Intro Visa B2B Connect for a Direct Blockchain Payment System
3. EMV Card has a more sophisticated encryption - Non-EMV card sends the bank information to the terminal as is with little to no encryption. The broadcast time is the most dangerous part of the transaction as your information is up for grabs for fraudsters.
EMV card do the encryption built-in to the chip. This encryption is more sophisticated to crack. When you dip it in the terminal, during the whole transaction they talk to each other in a secret language to validate that it is you making the payment.
So there you have it. These are three of the major advantages of an EMV card over non-EMV magstripe card. Simply put, is more secure than ever and your information will be safer as well.
 |
| Advantages of EMV Card Versus Magnetic-Stripe Card |
We are going to give some advantages that an EMV card has over the older Magnetic Stripe that we previously have.
1. EMV Card can prevent fraud more effectively - Since EMV card has a more sophisticated and effective security system which can help prevent common credit/debit card fraud MOs right now. Magnetic stripe cards are really prone to card thefts like when someone physically swipes it at a fraudulent terminal. In countries that adopted EMV chips, incidents of credit/debit card frauds went down significantly.
2. EMV Card is harder to clone - Non-EMV card is easier to clone due to the nature of how simple they get and match your backing information. These information are also static which makes it an easier target for fraudsters. They can easily take it and clone it into a new card just by using a skimmer.
EMV Card, on the other hand, has a constantly changing data on the card. Nothing is static. Which makes it very hard for fraudsters to actually extract any vital information from the card itself. It is so hard, in fact, that they need to physically take out the chip from the card in order to manipulate any of your banking information. Unlike skimmers that can be easily made by fraudsters, tools required to extract an EMV chip can cost upwards of USD 1 Million.
See Also: UnionBank, Visa Intro Visa B2B Connect for a Direct Blockchain Payment System
3. EMV Card has a more sophisticated encryption - Non-EMV card sends the bank information to the terminal as is with little to no encryption. The broadcast time is the most dangerous part of the transaction as your information is up for grabs for fraudsters.
EMV card do the encryption built-in to the chip. This encryption is more sophisticated to crack. When you dip it in the terminal, during the whole transaction they talk to each other in a secret language to validate that it is you making the payment.
So there you have it. These are three of the major advantages of an EMV card over non-EMV magstripe card. Simply put, is more secure than ever and your information will be safer as well.