125 Days to the Liability Shift - Is Your Business Protected?
With less than 125 days left until the liability shift, EMV chip cards are a hot topic in the payment industry. For the rest of the U.S., what the chip on their debit and credit cards does is still a mystery.
So what purpose does the chip serve?
In a word: security.
The biggest difference between the chip and the magnetic stripe found on the back of your debit and credit cards is that the data on the chip contains a security algorithm that changes with every transaction making the data more secure. The magnetic stripe data is static meaning it remains the same with each transaction which can easily be stolen and counterfeited.
This makes the chip card more secure and almost impossible to counterfeit. Also in the unlikely event the data is stolen, it is virtually unusable because of the variable data included with each transaction.
Quite a bit of security in one tiny chip!
Email us at EMV@firstdata.com to learn more.