The scenario of swiping the card while paying for your shopping or any POS will be changed soon. A new chip based credit card is starting to rollout everywhere, and it can be directly inserted instead of swiping them for payment.
The newest version of chip-based credit cards are quite impressive, and they look similar to the older credit cards. An additional metallic chip is present on the front side of the credit card, and which is similar to your mobile SIM. The main advantage of providing chip-based credit cards is that, it cannot be duplicated. Currently, the magnetic stripe payment system will be easily copied and duplicate fake cards can be easily made. By using card skimmers, thieves were stealing all sorts of card data from the card, and replicate another card as same as original one.
Randy Vanderhoof, executive director of the Smart Card Alliance said,
“The microprocessor adds additional security data to the transaction, each time the card is [used]. A fraudster would need to make a duplicate was available by copying the strip itself or stealing data from the merchant data system”.”Everything a fraudster would need to make a duplicate was available by copying the strip itself or stealing data from the merchant data system”
At the same time, the new chip-based credit card should require a quick learning curve. The retail shoppers need to stop swiping the card, and have to start inserting the credit card in the payment device. The retailers might have to spend $200 to $2,000 depends upon the size of their business for adapting the new payment system.
One more advantage of Chip Credit card is that, you can forget about providing signature after making payment through the swiping. If you’re choosing the new chip payment system, you need to simply offer PIN instead of signing your signature in the invoice sheet.