The computer chip in a debit card, also known as an EMV card, adds a layer of security to your information and makes it more difficult for fraudsters to counterfeit cards.
So, how much safer is the chip?
First, magnetic strip cards contain unchanging data, so it’s easy for fraudsters to duplicate your data over and over. Chip cards, on the other hand, create a unique code for each transaction. The code can’t be used again. If a fraudster would steal your chip card information from one point-of-sale, the transaction number created at that time wouldn’t be usable again, and the card would be denied.
Am I fully protected?
Data breaches will still occur, but criminals will have a much harder time successfully profiting from the card data that was stolen. Making the change to a chip card is an important step in combating fraud.
When you receive your chip card from Richwood Bank, be sure to activate it for your security.
Below are a few helpful sites that may answer some more of your questions about chip cards:
- What’s that chip doing on my credit card?
- Chip Debit Cards: What You Need to Know
- What’s an EMV Chip Card?
By Jamie Kibler
Chief Compliance Officer