Why EMV is More Secure than Chip Card?
Chip card security is the latest standard in credit card security. This standard (called EMV for “EuroPay,” “MasterCard,” and “Visa”) includes a small microchip in the credit card that protects buyers against fraudulent transactions.
Because of the change in credit card security, banks are phasing out magnetic stripe cards in favor of these more secure, authenticated ways to pay. But what exactly is the problem with magnetic stripe cards? And why are chip cards better? Well, a number of reasons.
First off, magnetic-stripe cards are pretty outdated — they’ve been around since the ’60s and use the same technology as cassette tapes. And surprisingly, the United States is one of the last countries to still have them around. EMV has been the standard in most parts of the world for over a decade (you may have noticed that chip cards are the norm when you travel to places like Europe, for example).