Debit cards have EMV chips that help protect your card information. Credit cards do not have EMV chips.
What Are EMV Chips In Debit And Credit Cards?
EMV chips are not just for credit cards anymore. They are now being used in debit cards, store loyalty cards, and even in some passports. EMV chips are also known as smart chips because they can be programmed to do different things depending on the card issuer. For example, some issuers may use EMV chips to track spending habits or to prevent fraud. ..
The EMV chips were meant to make it harder for anyone to steal your card information, but they can in no way be used as a tracking device.
The new EMV cards are more secure than the old magnetic stripe cards. The new card number is generated every time the card is used, so hackers cannot copy them.
The one-time use codes are like the OTP numbers which we use in regular life. They expire after being used, meaning they cannot be traced back to the account of the holder, effectively safeguarding the card number from being stolen and fraudulently used. The chip can in no way act as a tracking device as a new unique code is generated with every purchase making the earlier codes redundant.
Can a Emv Chip In Debit And Credit card be hacked?
There is no security that cannot be breached with the use of EMV cards. Though this technology has increased security, it is still possible to hack them.
Mag stripe cards are vulnerable to hacking because they include account information, such as the card number. This makes it easier for criminals to clone and duplicate the stripes, which can lead to identity theft. ..
EMV chip cards are made with a unique EMV chip that generates unique numbers for each transaction. This makes it impossible for the hackers to hack any card, even if they managed to trace your transaction history.
That means that even if a hacker can track your transactions, they cannot use them to steal money from you again.
Hackers use a variety of techniques, including spear-phishing and social engineering. Hackers have developed new ways to fraud people by convincing them to give their chip card information over the phone or through a phishing website. ..
What are a chip-signature and chip-PIN?
The first way is to use your EMV card to pay for your purchase at a participating store. The second way is to use your EMV card to withdraw cash from a bank account.
Chip-and-PIN is more common outside of the United States. To validate an EMV payment, the PIN feature requires a secret four-digit PIN code known only by the cardholder. It is a safer option than using a chip and signature card.
Is there another way to track cards then?
There is no known way for the general public to track a card. This is due to the security measures that are in place. ..
Visa’s new app called Visa Mobile Whereabouts Confirmation allows you to track your location using your phone. This system alerts the bank that you are physically present in the place of the transaction being processed and it is not someone else using your card. This prevents the bank from blocking your card to stop unexpected fraud.
This app can help you keep your location safe if you have your phone with you all the time.
Conclusion
There is no technology that can completely protect you from losing your debit or credit cards. You have to take basic precautions to not lose them and if they are stolen, you should contact your bank and ask them to block your card from further activities.
To avoid this, never give someone your card information, such as the expiration date or CVV. Also, avoid shopping on websites that aren’t safe.
Your account may be fraudulent if you have not been following through with your transactions. Make sure to check your account for any suspicious activity and report it to your bank or credit card company.
A chip card has a small, rectangular chip embedded at the front on the left side of the card.
