Other countries have used them for years, and with the Target, Home Depot and other companies’ secure data being hacked, VISA, MasterCard, American Express and Discover have required companies and banks to issue smart-chip cards. Retailers must also update their equipment to accept the EVM cards or they are liable for fraudulent transactions.
This went into effect on October 1, 2015 — however not everyone has complied!
Here are a few things you should know about EVM Cards.
What does EVM Mean? Europay, Visa, MasterCard – the global standard for credit cards equipped with chips.
Are they safer? Yes, they make credit cards harder to counterfeit, and instead of sending your credit card info to a merchant, they use a “unique code” that hackers can’t use because it won’t work.
When will my old credit cards be replaced? If you haven’t received one yet, call your bank or credit card company. They were supposed to replace all cards by the end of 2015.
Are all EVM cards the same? No.
- Chip-and-signature cards require you to sign for a purchase
- Chip-and-pin cards make you enter a code
For right now, credit cards will have magnetic stripes AND chips.
What’s the catch? If you swipe your card, the new technology will never kick in and your information will be sent to the merchant the old way — which is much less secure.