Beginning in 2015, such federal benefits as Social Security
and Supplemental Nutrition Assistance Program (SNAP)
will be distributed on government-issued chip and PIN debit cards
, also known as *EMV cards
; they will effectively be replacing the magnetic stripe debit cards with which you are familiar. The changeover is to improve payment security, which has, as we all know, seen a rise in credit card fraud.
According to an article by Jonathan Roisman, these new cards will continue to have the older magnetic stripes on the back since the updated cards will be issued before most retailers make the switch to EMV technology, currently scheduled for October 2015. However, some retailers, including Home Depot, Target, Walgreens
indicated that they would have the new card readers in most of their stores by the end of January.
The United States is one of the last developed countries to make the switch from magnetic stripe credit and debit cards to the more secure EMV cards. Retailers, however, will be compelled to make the shift to chip and PIN and chip and signature cards by the end of 2015, when the liability for credit card fraud will shift from credit card issuers to merchants. Banks will still be held liable if they only issue magnetic stripe cards that are used at a store with the new EMV terminals.
If you would like to trade in your “old-fashioned” magnetic stripe credit card for a more secure EMV card, just ask your bank or credit card company to send you a new card with chip and signature
technology, or chip and PIN, if it’s available. There is no charge for this and you can keep your current account number. You can read about the important differences between the two types of cards at www.nextadvisor.com
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*EMV – Europay, MasterCard
, a global standard for inter-operation of integrated circuit cards
cards or “chip cards”) and IC card capable point of sale (POS) terminals and automated teller machines (ATMs), for authenticating credit and debit card transactions. Source:Wikipedia