ShareFollow UsYou would never leave your car unlocked in a busy parking lot with your life’s savings in the back. So you should take another look at how you think about your identity. It’s understandable that you don’t think about it. It’s not as tangible as physical money or valuables, but it is just as, if […]
ShareFollow UsID Theft is the hidden snake in the grass when it comes to being a functional adult in the U.S. today. It can sneak up when you least expect it and change your life entirely. That is why it is so important to protect yourself from this low lying, but dangerous threat. 1) It […]
ShareFollow UsID theft. Ever heard of it? Probably. Ever run into an issue with it? Maybe not. But that doesn’t mean that you can’t still run into this problem in the future. No one ever really plans on getting their identity stolen, it sort of just happens out of the blue. More then 15 Million […]
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Businesses have to be keen on this new development in the financial stratosphere when you’re thinking about it, for plenty of reasons. Aside from the fact that the transition to credit card chip technology will incorporate a nationwide spread of new card-reading machines (more investment for businesses, unfortunately), there’s one other subject companies everywhere would love to learn more about: identity theft.
Will This New Credit Card Chip Technology Protect More?
Good question. This doesn’t just revolve around the consumer, but the business. Ever lend your business credit card to the intern? Not a smart move…. You can imagine just how important it is to ensure that credit card fraud never steps foot into your business, and the concept of someone stealing somebody’s information — either customer, client, or business — is earth-shattering at best.
However, the computer chip raises a beautiful question. Hackers don’t care. A chip can be hacked into. But everyone’s saying that this new credit card chip technology’s going to change the landscape as far as credit card fraud and ID theft is concerned (it’s already happening a ton overseas where EMV’s been changing the way people spend money).
Here’s why credit card chip technology will make things better — the main problem with the magnetic strip credit card is the fact that the strip holds all the data and it never changes. That means if anyone ever gets a hold of your one little strip (they don’t even need to steal the card) and copies it (that’s really all they need to do), you can go about your life still having your card (no one stole it!) while some ID thief runs around with a copycat card, spending all your money.
What the computer chip-enabled card does, however, is allow the user to swipe it, have the machine read it; and the chip itself develops a unique ‘transaction code’ that can never be used again. It, therefore, means, you can buy 15 separate candy bars, the card will read it 15 separate times, and each time will be virtually unique from every other time.
Not one thief would be able to steal your information. Each transaction is encoded through the chip and never gets stored anywhere. It’s processed and then dies a lovely death in cyberspace, basically. Therefore, your information can’t ever be pulled from the card.
Of Course, These ID Thieves Are Resourceful!
The hope is the new credit card chip technology will change the way credit card fraud happens. As in never. But the problem with ID theft is there’s always a way. It’s like that bad penny always turning up. The good news is that this new development will certainly make it easier for Ultimate Identity Protection and other partners to do what they do best. Protect your identity.
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Transitions are never fun: maybe you’re looking to buy a new home in this growing real estate market, or you’re fixing to enroll in school for another degree. Changing jobs maybe? What with the fluctuating economy, whatever decision you’re going to make is about the equivalent of stirring up a hornet’s nest. Such is the case with this massive yellow jacket of a transition: chip-enabled credit card technology, also known as EMV. And as of this past October, guess what — you’ll very soon be forced to use these new type of credit cards.
Fear Not, Though, and Don’t Be Frightened — Chip-Enabled
Credit Card Technology Won’t Sting
Aside from the fact that the U.S. is at the moment the last country on the planet to use the old-fashioned magnetic strips you find on credit cards (Europe and other countries utilize EMV religiously, along with PIN identification for further prevention of ID theft and credit card fraud), you have three reasons to believe that everything should be okay as the commercial industry, specifically regarding credit cards, will do just fine with this new chip-enabled credit card technology:
- Go Ahead and Keep Your Mag Strip Credit Card for the Time Being — You’re going to need it for a long while, and here’s why.
- We Already Mentioned That EMV Protects From Fraud a Whole Lot Better — The question is this: how?
- Businesses Are Going to Need to Convert Anyway — In a way, businesses have to be much more nervous about this new transition than you, as the consumer. Here’s why.
And that’s just the start. There will be numerous other benefits associated with chip-enabled credit card technology as EMV continues to flourish and dominate the spectrum.
The Best You Can Do Is Be Prepared
Those credit card companies won’t spring the new cards on you while you’re not looking, just so you know. It will be a transition, not a big surprise. But a good transition at that.
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