![]() ![]() Unlike a passive magnetic strip containing the full card details that is simply read by the terminal, an EMV chip actively processes information during the sale. What Types Of Fraud Do EMV Chips Prevent?īecause the chip can interact with the point-of-sale terminal, EMV chip cards help prevent fraud enabled by skimming magnetic strips. By using an EMV chip, Royal Credit Union debit and credit cards gain an added level of security. A new code is generated for every transaction, helping to prevent some types of fraud at merchant terminals. ![]() When you dip your card, the chip is used to create a unique code for your transaction. ![]() But have you ever wondered what the chip is there for? EMV Chips Mean Added SecurityĪn EMV chip is used by “dipping” your card into the point-of-sale terminal for a few seconds. You’ve probably seen an EMV chip card before – the EMV chip is a small metallic rectangle on one side of the card about the size of a fingernail.
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