![emv card protection emv card protection](https://www.geico.com/living/wp-content/uploads/credit-card-fraud-post.jpg)
What are the advantages of having the chip in my card? A chip card, however, contains a microprocessor chip that uses encryption to prevent its contents from being replicated.
![emv card protection emv card protection](https://d187qskirji7ti.cloudfront.net/news/wp-content/uploads/2015/10/EMV-chip1-390x260.jpg)
A magnetic stripe card can be easily cloned. Why is there a need to replace my magnetic stripe card with a chip card?Ĭhip cards are safer than magnetic stripe cards. With the EMV Smart Chip, your card is better protected against fraudulent activities. It enables chip cards to be accepted anywhere in the world. (I) Replacing magnetic stripe-only cards with EMV chip cardsĮMV is a global security standard for chip card technology. The following FAQ explain the rationale and benefits of moving to chip-based payment cards as well as activation procedures, introduction of new alert measures for transactions and the new protocols for Card Not Present Transactions. This is in addition to the existing measures whereby banks and card issuers protect cardholders' interests through robust fraud detection systems that monitor and detect unusual/suspicious card usage.Īs cardholders and consumers, it is important to ensure that you provide your bank with your current particulars, such as mobile phone number, email address and mailing address.
![emv card protection emv card protection](http://www.digitalelement.com/wp-content/uploads/2015/10/EMV.jpg)
On 5th March 2010, The Association of Banks in Singapore announced key measures to adopt a holistic approach to further enhance the security for payment cards, giving cardholders in Singapore greater security and better protection against card fraud. Enhancing Payment Card Security – New Measures to be Phased in from 2nd Quarter 2010 to 1st Quarter 2011