![]() The same point holds true for data breaches at retailers. This means that even if a thief managed to copy your credit card chip information for a specific point-of-sale (POS) transaction, they would be unable to do anything with it. In other words, each time you insert your chip credit card into a reader - or use its contactless payment function - the computer in the chip generates a new transaction code for that purchase. So how does the chip in your credit card work to stymie would-be card thieves? Without getting too technical, here's the basic difference: While the data in a card's magnetic strip stays the same over time, the chip in your card generates a unique code for each transaction that can only be used once. And with today's technology, that data can be stolen with simple phone apps or dime-a-dozen strip readers. The key problem with magnetic strips on credit cards is that they contain all of the cardholder information that would be necessary to make a purchase - or to manufacture a counterfeit card. Here's a rundown of how chip-enabled cards make your point-of-sale transactions safer, as well as why you still need to take precautions to safeguard your personal information. The main reason for the change is security a chip credit card is less prone to in-person fraud than cards with a magnetic strip. Over the last decade, credit card issuers around the world have transitioned from credit cards with a magnetic strip to EMV® chip credit cards. ![]()
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