Thank you for sharing!

Your article was successfully shared with the contacts you provided.

This new chip card technology — called EMV, which is short for Europay, MasterCard and Visa —sends a one-time code to process payments, rending duplication efforts useless and thereby increasing payment security.

Unlike credit cards using a magnetic strip to store payment processing information that does not change, chip-enabled cards are difficult to counterfeit. They use a unique code that can’t be used more than once. If a hacker steals credit card information from a chip-enabled card, it’ll be denied at the point of sale. The change is designed to reduce counterfeit card fraud, which makes up 37% of all credit card fraud in the U.S.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.


  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?



Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.