Date Posted: Monday, October 19, 2015
The U.S. is moving toward adopting a "Chip and Signature" or "Chip and PIN" standard. Many countries around the world already uses these new technologies because they help to reduce credit card fraud through the use of authentication, verification and authorization. The chip is a small metal square, typically silver or gold, on the payment card that stores encrypted, dynamic data. With the new chips, it will be more much difficult for malicious actors to read the data on the chip and then, because it constantly changes, to counterfeit it.
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