Over the past few years there has been a lot of issues with credit card and debit card information being compromised and stolen by hackers who target retailers and companies with high traffic and access to millions of client’s financial information.
Cyber security experts have been looking for ways to combat cyber criminals. One of the newest ways to prevent this in the American market is Chip Cards.
What are Chip Cards?
Chip cards are just like the plastic credit and debit cards you are used to except for one new game changing feature, an embedded microchip.
The chip’s purpose is to generate a one-time code in order for in store purchases to be approved.
Chip Cards have been used in Europe for several years and are starting to be accepted by many merchants in the U.S.
While the Chip card can’t promise that it isn’t vulnerable to being compromised the company does insist that it is difficult to counterfeit the one time code the chip card requires per transaction.