You may remember last year when new rules went into place requiring all credit cards in the U.S. to be equipped with an EMV chip.
The goal of the EMV card is to make it much more difficult for fraudsters to create fake credit cards.
Credit card companies had until October 1 to send customers the new card. If they didn’t, they would be held financially responsible for any fraud committed on a customer’s card.
Merchants were also required to replace their store’s processing machines with readers able to accept the new card. If not, they would be held financially liable for any fraud committed.
The EMV card involves a whole new way of using your credit card. Instead of swiping, you’ll actually have to dip your card into the processor. The card will sit there for several seconds and then prompt you to remove the card once the transaction has been completed.
If you did not receive a new credit card, contact your credit card company. They will likely send your the card via mail.
The problem with the EMV cards is that the technology doesn’t extend to online purchases. There is concern that fraudsters may direct their focus to targeting online shoppers. This is why it’s even more important than ever to change your passwords and monitor your credit card statements frequently. With digital sales becoming a more popular outlet for shoppers, as opposed to brick-and-mortar stores, the risk for fraud online may have increased as a result of the new EMV technology that applies to physical cards.