New Chip-Enabled TechnologyOctober 8, 2015 by adminAs part of our tech security series, we thought this was an interesting development.Goodbye magnetic-stripe. Hello “chip and dip.”The U.S. payment industry is shifting to the new chip and dip credit card technology in an effort to make in-person purchases safer. If you were recently issued a new credit or debit card, chances are it is a chip card. With the new card, you’ll insert it into a terminal slot in a “dipping” motion. The data then flows between the card chip and the issuing financial institution to verify the card’s legitimacy. This is the game changing technology that makes it difficult for anyone but the rightful owner to use the card, and protects against the creation of counterfeit cards.Long used in Europe and other regions to help reduce credit card fraud, chip technology is finally receiving widespread adoption across the U.S. In fact, for American businesses that don’t offer chip-enabled credit and debit card transactions after October 2015, liability for any resulting credit card fraud will fall to the business-owner instead of the bank.Chip-enabled cards, or Euro-pay, MasterCard, and Visa (EMV) cards are nearly identical to the typical magnetic stripe credit card, but are encrypted with a small computer chip rather than a magnetic stripe. A small, metallic square on the front of the card contains the same information as traditional magnetic-stripe cards, such as name, card number and expiration date. However, with chip technology, each transaction generates unique, dynamic data.While the transaction takes more time than a basic swipe, the increased security benefits are expected to be worth it. However, smart-chips will not entirely eliminate credit card fraud. You’ll still need to monitor your credit card accounts and credit score regularly to protect your identity.It will take time for all retailers to offer chip-enabled terminals. Additionally, not all credit card providers have delivered the new cards to customers.