Yes, since Oct. 1, 2015, both MasterCard Inc. and Visa Inc. forced banks and merchants to introduce a new credit card system. From that time, credit cards must contain special microchips that were designed to reduce frauds. Such cards have been already in use for two decades.
The chip or EMV creates a unique signature for each transaction. It means that fraudsters can’t copy information from your credit card to another and make transactions using your card. The explanation is simple – information on the magnetic stripe is constant, while the same information on the chip changes each time with a new transaction.
FYI: Personal Money Service uses SSL certificate to secure your financial information and avoid personal and financial data breach.
This method is supposed to reduce the number of fraudsters, though a part of experts is still skeptical about it.
Even though such cards are considered to be safer than those with magnetic strips, it’s still important to check your cards for fraud. Scammers don’t humble with this change. They more likely invent new methods to pilfer money.
Still, if you haven’t got a credit card with chip and you want to get it, you should apply for Visa, MasterCard, or Europay cards in the local banks and financial institutions.
P.S.: Learn more about pre-qualified credit cards.