Why are EMV cards more secure than traditional cards?
Unlike magnetic-stripe cards, every time an EMV card is used for payments, the chip card creates a unique transaction code that cannot be used again.
How do I use an EMV card to make a purchase?
“Instead of going to the register and swiping your card, you are going to do what is called ‘card dipping’ instead, which means inserting your card into a terminal slot and waiting for it to process.”
Is card dipping the only option?
Not necessarily. EMV cards can also support contact less card reading. Dual interface cards and the equipment needed to scan them are expensive. Right now, the first step is to successfully integrate EMV cards into the U.S. shopping scene. Dual interface will arrive later.
Will I still have to sign or enter a pin for my card transaction?
“The card production demand today is really based on chip-and-signature cards”. “It will probably take two to three years to fully convert to chip- and-pin.”
If fraud occurs after EMV cards are issued, who will be liable for the costs?
After an Oct. 1st, 2015 deadline created by major U.S. card issuers Mastercard, Visa, Discover and American Express, the liability for card-present-fraud will shift to whichever party is the least EMV-compliant in a fraudulent transaction
So by Oct. 1st, 2015 the transition to EMV technology will be complete?
“Don’t expect a big bang in October of 2015, “says Doug Johnson, vice president of risk management for American Bankers Association. “In terms of rollout, we expect about 50% of banks and retailers to be completely transitioned over. It’s going to take a little time to adapt.”
If I want to use my chip-card at a retailer that doesn’t support EMV technology yet, will it work?
Yes. The first round of EMV cards—many of which are already in consumers’ hands—will be equipped with both chip and magnetic-stripe functions so consumer spending is not disrupted and merchants can adjust.