What exactly is the new EMV card and why is your bank forcing you get it?
Here is why!
We are pretty sure that you have already received a message from the bank about collecting your new EMV chip card. And we are also pretty sure that the repetitive messages are annoying you as well. Well the question arises as to why we should go through the extra hassle? Why do we need to collect the new cards and why should we let go of the older ones?
While the world is slowly letting go of the magnetic stripe technology (that god ol’ black stripe at the back of your card), users in Pakistan are still resistant to it because they are unaware of the reason for the switch.
It might be a blessing in disguise!
The Magnetic stripe can safely be called as one of the most successful technologies in the history of modern business. It is the one we have been commonly using in our credit and debit cards ever-since it was first introduced in the 1960s.
As the name suggests, the magnetic stripe?? basically stores data in tracks of magnetic strips affixed to plastic cards. When you swipe the card, the data is read by the magnetic head – and that is precisely how it works.
Sounds nice, right? Well, it might, but it is not safe anymore!
The technology that has served us for years is slowly becoming more exposed to skimmers and hackers. The fraudsters have eventually caught up as they have been successful in creating replications using inexpensive, low-tech equipment. Hence, we need to catch up
as well as static data storage of magnetic stripe is putting us at risk of compromise and exploitation.
Your new chip cards solve the problem:
Chip cards provide the solution for all the security holes left by the magnetic stripe technology. Chip cards are basically a more secure replacement for your static, unprotected data with dynamic cryptographic data.
Putting it in simpler words, the “chip” is basically the microcircuit in every card. Chip card technology personalizes and encrypts your data, making it much harder for the hackers to replicate and create counterfeit cards.
A solution for your business:
While it is being introduced in Pakistan recently, the rest of the world has been using it ever since its inception in 1990s. The chip technology has proven to be a securer alternative particularly in fighting fraud.
In 2018, that the businesses who were making use of chip card technology saw a 80% drop in the fraudulent activities between 2015 and 2018. Another by the Worldpay and Socratic Technologies in April 2018 said that 82 percent of credit card users have reported positive chip card experiences.
Here’s why your banks are forcing you to switch to the new cards:
What are your views on this? Share in the comments bar below.