If you are like me, you have received a number of replacement credit cards in the past several months, even though your current card is nowhere near its expiration date. The driving force behind this is the growing amount of credit card fraud occurring at retailers, like those memorable cases involving Target and Neiman Marcus. While most of the rest of the world stopped using vulnerable credit cards with the easily copied magnetic strips many years ago, the United States has failed to adopt newer technology that is much more fraud-resistant. That is changing as of Oct. 1 this year. EMV chip technology (EMV stands for Europay, MasterCard, and Visa – the three companies that innovated this more secure type of credit card technology) has been around for quite a while. Europe began using the technology around 2005. Cards with EMV chips are inserted into the credit card reader (rather than the swiping that we are familiar with), a cryptogram code is generated for one-time use, and the transaction is approved or declined. The one-time-use cryptogram code is the primary security feature, because fraudsters are unable to create a fraudulent chip that would generate the same code as the real card. […]
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