The way you use your credit card will radically change starting October 1

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What You Need to Know About Those New EMV Credit Cards

Paying by swiping our credit cards has become an almost automated action that we don't even think about, but things are about to radically change starting October 1. From that date, there will be a nationwide migration to EMV technology, which means a completely different type of card will be issued to bank customers. The new cards present a chip on the side, which you will insert in the machine instead of swiping like you normally do now.

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The new technology provides a higher level of security and it is already in use in Europe, where it has replaced the older magnetic stripes already decades ago to prevent fraud. Chip-embedded cards make forgery a much more complex and expensive process and the US is gradually changing to the safer cards.

In order to incentivize businesses and merchants to adopt the new card terminals, the responsibility in case of fraud will shift towards them. If a merchant has the new terminal but the bank the customer uses has not issues the new card, the responsibility will be of the bank. The plan currently is to roll out gradually starting October 1 until all cards are replaced with the EMV system.

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