A few years ago, the magnetic strip on credit cards was replaced with embedded chip technology to combat fraud. As of 2018, fraud is still the number one concern of merchants. EMV, Europay, Mastercard and Visa are secure ways to transfer and store credit card information. When an EMV card is inserted into a POS terminal, a one-time code, or token, is created. This makes it harder for the information to be stolen. Fraud is still prevalent today due to some merchants’ decision not to switch to EMV technology at their business locations. Most merchants find the process of switching to be lengthy, complicated, and expensive.

There are a few ways to protect yourself from present credit card fraud. If you are at a store that accepts EMV, you should always choose that option. If EMV is not available you should always use a credit card over a debit card. If none of these options work, you are safe with using cash. For online shopping you will want to use strong, diverse passwords to keep your information safe. Again, it is better to use a credit card over a debit card in this situation also.

It is best to keep up to date with the evolving of technology and security. The evolution will include biometrics, mobile and contactless payments. It seems that mobile payments are the most secure way to go. Either way, it is best to stay diligent and safe.

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