Mag Stripe credit cards may start showing up in antique stores or on episodes of American Pickers. They were slim, easy to use, easy to max out, and the information that was kept in the magnetic strip on the back was some of the easiest financial information to steal bar none. Basically, it was a cassette tape on the back of your card.
And now, they have been upgraded from the 60’s to the 2010’s with new technology, new software, new hardware, and able to stop hackers and thieves……for the most part.
EMV technology chips, or The European MasterCard Visa chip are being added to all credit and debit cards in the United States. These chips not only change the process from swiping your card to dipping your card, but also encrypt the data in a way that makes it very hard for thieves to steal your data.
Of course, thieves have found a way to disable the EMV chip and force people to use their mag strip on the card. A simple tap from a nail in the perfect spot will disable the EMV chip and activate the mag strip. Both Visa and Mastercard are working on the solution for this now.
What might go wrong?
You can expect longer lines until people get used to the new procedures. People have been known to walk away and leave their cards in the reader and even more commonly, they pull the card out before the transaction is finished. Shoppers are going to have to learn a little patience when dealing with these new transactions.
Will this kill credit card fraud?
The new chip will make it much more difficult for criminals and hackers to counterfeit your credit card. Sadly, hackers and criminals spend all their time trying to figure out ways to beat the system. As of now, EMV is 4 steps ahead of all hackers and criminals. They are migrating to the internet now where using fraudulent cards is much easier pickings for them. But be aware, and protect your cards and your identities always.