Transaction is successful if and only if complicated two-way confirmation steps are passed from the card receiving device to the bank.
Therefore leading to information theft, stealing money in traditional bank cards is very easy.īeing completely different from magnetic cards, EMV chip cards when transacting will create a unique transaction code and never overlap. Identity theft from the magnetic card can be done many times because the data information in the card is fixed. and proceed with the transaction as usual. Therefore, any device that can scan the data will know all the information about the card number, pin code. All information of the card is fixed under the magnetic tape, stored in the form of text, not encrypted for security. See also: What is ATM card? Benefits of ATM card Why is an EMV card more secure than a traditional bank card?Ī traditional bank card is a magnetic card, with a metal magnetic stripe on the card’s surface. In case your card information is stolen, the stolen transaction code will be unusable and the fake transaction will be rejected. The transaction is only successful when it is authorized by all relevant organizations.Įvery time a customer uses an EMV card to pay, the EMV chip set will generate a unique transaction code and never repeat. To make transactions on EMV chip cards, you must go through two-way confirmation steps from the card receiving device to the paying bank, the MarterCard/Visa organization. In addition to the above characteristics, the superiority of EMV chip cards is safety and security.
It provides finer control of offline payment card transaction approvals, and it makes transactions safer for customers both online and offline. There are major benefits of moving to EMV-chip-based payment cards. The EMV chip provides dynamic authentication capabilities as it generates a unique authentication code for each transaction. Data from the magnetic stripe of a conventional payment card can be copied and authentication capabilities are less. An EMV chip card ensures the payment data is more secure than on a magnetic-stripe-based card.
With the help of complex processing techniques and superior algorithms, EMV chips are bringing better security to payment card users. The EMV standard is currently managed by a consortium called EMVCo.