October 1st is the deadline for merchants to have the technology to accept computer chip embedded credit and debit cards. But don’t worry if you don’t have a chip card yet, your current card will still be accepted.
Chip embedded card requires the user to place the card in the reader, the action is called “Dip The Card”. You wait for it to authorize and you sign as usual. In the coming years you will have to enter a 4 digit pin as well, like the rest of the world has been doing for years.
The new chip cards are supposed to offer more security and are harder to counterfeit. The chips generate a new transaction code every time it’s used, so even if a thief were to gain access to it, it cannot be used a second time. And just like your old swipe card, you are not liable for fraud.
Online shopping will be the same since it does not require a card to be present. So security still will be an issue that’s talked about.
Read more from the Original article at Today.com
