| Technology has evolved at such a rapid rate that | | | | use your credit card at a retailer that does not |
| banks and credit card companies are constantly | | | | have a chip-reading terminal, the magnetic stripe |
| seeking new methods to stay ahead of those | | | | on your card will be swiped and you will have to |
| seeking to steal their customers' financial | | | | sign a receipt. |
| information for criminal activities. The introduction | | | | Chip cards are much more convenient and quicker |
| of chip enabled credit and debit cards is a recent | | | | as one can just promptly swipe, sign, and go. |
| implementation designed to reduce fraud and | | | | When upgrades are made, one will be able to |
| make banking and transactions easier and more | | | | insert the card and go. Chip technology can also |
| convenient. | | | | prevent a criminal from copying information. Unlike |
| The switch to chip enabled cards is taking place | | | | the magnetic stripe, a chip cannot be copied. |
| globally with these cards now being used in North | | | | Over the next few years, point-of-sale terminals |
| America, Latin America, Australia, Africa, and the | | | | and bank machines will become equipped to |
| Middle East. A chip card which is sometimes | | | | accept debit and credit cards that contain chip |
| referred to as a 'smart card,' looks like a regular | | | | technology. This means that it is essential that |
| debit card or credit card except that it contains a | | | | one remembers the PIN number. The shift to |
| tiny computer microchip embedded in the plastic. | | | | chip-enabled card technology is the most recent |
| The microchip is a small computer processor with | | | | technological achievement designed to make |
| memory and software applications. The | | | | transactions easier and faster while protecting the |
| embedded microchip encrypts information, making | | | | cardholder's personal financial information. |
| it more difficult for unauthorized users to access | | | | Tested and widely used throughout the world, it is |
| the card's information. The chip-enabled card can | | | | a proven method of a secure transaction. Chip |
| store information securely and has better security | | | | technology is the best feature available to protect |
| features than magnetic stripe cards. | | | | payment information and prevent fraud. Chip |
| When you use the chip enabled card, you swipe | | | | cards utilize a host of security features and |
| your card and sign to authorize your transaction. | | | | measures that work together to create a |
| There are currently upgrades to payment | | | | multifaceted defense system against perpetrators |
| terminals taking place where one will 'dip' the card | | | | of fraud. |
| into the terminal instead of swiping it. The chip | | | | The chip enabled card has been recognized by |
| card is inserted and left in the terminal for the | | | | experts as the transaction method of the future. |
| entire transaction process. Cardholders will follow | | | | Merchants are pleased with this form of payment |
| the instructions located on the terminal screen. For | | | | as it speeds up the transaction process allowing |
| credit card transactions, one will enter a personal | | | | more customers to be served. The use of this |
| identification number instead of signing a sales | | | | technology is the latest action of the financial |
| receipt. You can use your chip card at any retail | | | | industry's to prevent lost and stolen financial |
| location or Automated Teller Machine (ATM). If | | | | information, and to secure electronic payments |
| the card reading terminal is chip-enabled, you will | | | | safely and effectively. |
| be prompted to enter your four-digit PIN. If you | | | | |