The deadline for retailers to adopt the new Chi and Pin credit cards is imposed on as October 1. This very revolution has stirred up some debate, in both ways. Some see them as a technology marvel while other just believe it’s just a headache. Well seeing to its features, it’s convincing but how much, let’s find that out.
The Chips Prevent from In Person Transactions
Unlike Magnetic Strips, these chips cannot be hacked with use of some cheap tools. Yes, EMV chips are designed with newly introduced built in security measures. These keep the magnetic strip safe from skimming devices which often tries to steal your credit card information.
Fraud Liability is Same for You, Not Your Retailer
With the swipe cards, if fraudulent charges are show on your bill, you will be responsible for not a penny more than $50. However, thanks to the recent updates, if the retailer fails to upgrade from old technology to the new one and something happens, it’s on the hook, not the credit card company.
You Will Need to Sign Your Name to Use the Card!
For whatever reason you are not into inputting a security Pin, you now can use your very signature with EMV credit card. Since the fact is signatures are also not well secured, it’s better to use PIN. In case you mourn the death of handwriting, you are better off with calligraphy.
Noting to Fuss about
The chances are, you are not getting your hands on these cards any soon. But once you get hold of it can use it anywhere you want such as Europe for dipping machines rule over the swiping ones. In case your retailer doesn’t have the new machine, the EMV card can still be used as tit comes with a magnetic strip.