It was during the month of October that the entire nation made its big leap towards accepting the change to EMV credit cards. This was the last month when the Americans did the age-old swipe and sign for buying their Halloween costumes. Now it is going to be an ‘insert-wait-and-sign’ and this is going to help you with better security against fraud. Responsibility and liability for the fraud transactions will move towards the credit card issuers which haven’t yet taken precautions.
There is enough that has been said about the EMV technology and its capability to fight against fraud but this isn’t the ultimate panacea. There are things which the SumUp EMV chip cards can’t do. Read on to know what they are.
#1: Stop your card from being used by someone unknown in case it’s lifted
You will be rather surprised to know that EMV technology safeguards you only against one kind of fraud that’s called counterfeit fraud. An issue which has plagued American merchants since the last few years is skimming credit card data and this constitutes the lion’s share when it comes to credit card fraud. But this EMV card won’t help you if the credit card is lifted by someone. The reason behind this is that the US is moving towards EMV chip-and-sign cards as against chip-and-PIN which is deemed to be the best with regards to face-to-face transaction security.
#2: Safeguard you from data hackings online
Just like the fact that EMV chips won’t be able to safeguard a stolen card if it gets stolen, they even can’t provide you protection against data hacks which may take place in online transactions. Moreover there is enough reason to expect that the intrusions will get more and more commonplace as the in-person transactions get more secure. When you have a chip on your card, the internet transactions aren’t any safer. Hence, cardholders will require being vigilant while using credit cards online. You should only shop via trustworthy sites and often change passwords.
#3: Automatically let you do contactless transaction
The shift to EMV card reader came around a time when the coverage of expansion of mobile wallet tech. If you thought that EMV is a contactless payment system, you’re mistaken because it is not. Rather, it’s just the opposite. When you use a chip card, your card will make more contact via the payment devices of the merchants than it usually does with conventional magnetic stripe cards. Nevertheless, the EMV chip doesn’t allow you from using the card along with a mobile wallet system.
#4: Permit you to use your chip card at any terminal of payment
If you are someone who has still not received your EMV-chip credit card from the issuing company, you will soon get it. But even though you may receive it, that doesn’t allow you to use the card at every single merchant. The retailers need to make software upgrades and complicated hardware and software upgrades before they begin accepting the cards.
Therefore, if you’re someone who thought you would be able to do all these tasks with your chip card, exclude the above mentioned ones from your list.