Approximately 5 years ago the process began, throughout the country, for the change from magnetic stripe cards to chip cards, the decision was made by the VISA and Mastercard technology companies along with the banks to decrease the rate of cloning them.
Magnetic stripe cards
These cards that still have a great use as a means of identification for students, employees and to access hotel rooms, etc., use a technology of steel particles that can be provided with electromagnetic impulses, a code that identifies them.
The magnetic stripe for commercial transactions provided the bank terminal with your data so that you could be identified, this data was unique and not dynamic for each transaction, so having the card information could become a vulnerability in the security of the system .
Some time ago it was common for magnetic stripe cards to lose their information if we had them near cell phones or other electronic or magnetic sources that could “misconfigure them.”
In addition to this, the cards were easily cloned through a device called Skimmer; A criminal could clone the credit card in seconds. So this activity was increasing a few years ago, which led to the creation of chip technology.
The cards did not change, they continue to comply with an international ISO standard, which makes them the same size and thickness, what has changed is the information they use to make the transactions. Unlike previous technology, chip cards generate a different code for each transaction, which is validated by the issuing bank, and with this the security of operations is increased.
If your card does not have a chip yet, you can go to your bank’s branch to request the change and enjoy this security benefit.
Chip cards are distinguished by having an additional feature to magnetic stripe cards: a small rectangle, which can be gold or silver, above the card numbers. That rectangle is a new security feature called EMV chip.
Here are five things you should know about their new EMV chip cards (also known as smart cards, smart chip cards, and other similar names).
1. Chip reading
Unlike the past, the cards no longer slide for the magnetic stripe reading. All you have to do is insert it into the reader and leave it there until the transaction is complete. In some cases, the credit institution, to provide additional security, will ask you to enter the PIN you use to identify yourself at the ATM. With this requirement your operations are even more protected.
2. Advanced dynamic information technology
The new chip technology was created to end the serious problem of card cloning in the world, a problem that arose with magnetic stripe credit cards. Three of the world’s largest card technology companies joined together to create this new transaction system.
3. Global security in transactions
This technology is international and was mainly initiated in Europe; It is now spread throughout the world. With safer transactions you can rest easy and make purchases in different countries, knowing that the card reader terminals will recognize the information on your chip. EMV stands for “Europay, MasterCard, and Visa,”.
4. Security continues to evolve
Chip technology is the most advanced in terms of security for transactions today. But remember that, despite the security and new technologies, these are not infallible, so you must continue to use the same credit card security measures, as in the past.
Despite these advances, online or telephone transactions have not changed, so it is necessary to take the same precautions with your card details, since, having all the information, such as number, expiration date and the security code, a criminal could make purchases in your name.
5. Continue working together
In what all the terminals in points of sale have the new technology for reading cards with chip, some cards are still emitted with an additional magnetic band to the chip, this serves to have greater versatility in payments.
Mexican legislation does not yet contemplate the return of unrecognized charges by the customer as regards the use of debit cards. So a fraud committed with your debit card can cause you to lose what was stolen, unless you have contracted some insurance from your bank to avoid this kind of unforeseen events.
For the credit card, the law does establish that banks must return transactions that you do not recognize within 24 hours, as long as you make the claim in a period not exceeding 90 days.
Here some information about the VISA and Mastercard companies:
Visa (Visa International Service Association)
● The card has a password that must be used for each purchase.
● Discounts depend on each country according to customer habits and tastes.
● It can be paid in more than 30 million shops in 170 countries.
● It operates in more than 2.1 million ATMs in the world.
● It has PIN that must be entered at checkout.
● Promotions apply by country, but customers can save by loyalty to their preferred brands.
● It is accepted in 24 million stores in 210 countries.
● It only works at one million ATMs.
I leave some recommendations to take care of your credit card and your information:
When you use the ATM
● Do not let strangers, or even appear to work in the bank, assist you.
● Cover the keypad with your hand when entering your PIN, so that other people cannot see your number.
● Always collect the card, money and printed receipt when you finish using the cashier. Break the papers when you don’t occupy them so you don’t see the information.
● Report if the ATM retains your card or if a moment later you remember that you forgot it at the ATM
When paying by card physically
● Even with the new chip technologies, don’t lose sight of your card so they don’t take your data
● Request that the terminal be brought to you so that the payment is made on demand
● Use the card in places that inspire confidence, otherwise, better pay in cash.
● Save proof of your purchases.
● When you receive your voucher or go to enter your PIN, verify that the card number, name and amount are correct.
● Remember that now with the typing of your PIN, the signature of the vaucher is no longer necessary
When paying by card online
● Make your purchases from home and do not use shared computers or free networks, as they are less secure.
● Make sure the page is secure: the address starts with https and a padlock appears in the browser status bar.
● Try to buy from sites that have the current seal of confidence of the Mexican Internet Association (AMIPCI).
● Save and print proof of purchase for any situation that arises later.
● Search and read the privacy policies of the websites where you want to make your purchase
As technology advances to provide greater security, so does the technology that is within the reach of crime, so it is always good to be aware of our information and how we use it, so as not to be a victim of activities already mentioned.
Remember that the information on your card, especially that you can transmit to family or friends through WhatsApp, Facebook or other means of communication, can be seen by third parties, so it is not advisable to put the data of our cards in these services.
As I have already mentioned throughout the article, do not lose sight of your card while making a payment physically, today it is difficult to clone a card, but we do not know when it could be easy, it is better not to be surprised.