Due to the credit card security breaches at large scale retailers like Target® and The Home Depot®, the United States is shifting towards EMV cards. Credit and debit card fraud, identity theft, and other security breaches are on the rise in the United States – but with the newest advancement in account security, EMV chip technology, your card information is less at risk.
EMV stands for Europay, MasterCard®, and Visa®, the three original developers. EMV is also known as ‘Chip and PIN,’ ‘IC card’ or ‘chip and signature’ technology. It is a global technology that reduces your chances of counterfeiting fraud and fraud due to a lost or stolen card. The smart chip, embedded in your card, is a computer chip. That chip contains a microprocessor that stores and protects your cardholder data.
Even if you don’t have an EMV card, there are still ways you can prevent credit card fraud:
- Always watch your belongings, and ensure that you have your credit cards with you when you leave an establishment.
- If someone does get a hold of your credit card or you believe you have lost it, call your credit card company immediately. The sooner you do this, the less damage someone can do.
- Only use your bank’s ATM’s, preferably inside. ATM’s can be rigged with illegal devices that swipe your magnetic strip when you insert your card, then the devices record your personal identification (PIN).
- Do not open up your bank account online while on public Wi-Fi. Also, do not online shop while using public Wi-Fi. On public Wi-Fi, hackers set up “man in the middle” attacks to grab your bank password, card number, and other sensitive information.
- Be vigilant for phishing messages in many forms. From emails and texts to phone calls, phishers are looking for you to give them your bank information.
- Make use of banks' free alert settings. Many banks offer services that notify you when you make purchases over a certain dollar amount or make an overseas purchase.
Have questions? We're here to help!
If you have questions about cybersecurity, or if you want to learn more about how to stay safe online, contact the Information Security Office (ISO) at: infosec@miami.edu
