EMV / Chip Cards
Out of gallery
Chip vs. Swipe
Chip transactions are much more secure than swiped or keyed sales. As such, the industry has rapidly shifted towards chip cards as the primary form of acceptance.
Why doesn't my chip card require a PIN?
There are two types of chip cards: PIN, and Signature. Although more secure, not all issuing banks offer Chip+PIN cards yet. In the next few years, it will become more common.
What does EMV mean?
EMV stands for "Europay, MasterCard, and Visa". The acronym was adopted in Europe when chip cards were initially being introduced. EMV is synonomous with "chip card".
Why is EMV more secure than swiping?
Magnetic swipe cards are prone to "skimming" where a fraudster can easily create a copy of a card in mere seconds. EMV cards use a chip that is practically impossible to clone.
Chip + PIN transactions
Adding an additional layer of security, newer chip cards now utilize PIN technology. This ensures that even credit card transactions can be processed with the highest security.
What is the "Liability Shift"?
As of 2015, merchants who choose to swipe instead of process via chip bear the responsibility of fraud. This is the "shift" - previously, the issuing bank was responsible.