No Payment Card Frauds From Now

No Payment Card Frauds From Now

No Payment Card Frauds From Now

What if ? A merchant copies your card data and makes a clone of your card ,then commits a Payment card Fraud…

What if ? A hacker hacks merchants Payment card Swapping machine and gets all the data then ,makes clones of cards for committing frauds…

There are reports of more than 13 billion Payment cards Fraud cases In last Five years…

And in Our daily life we use payment cards very frequently which simultaneously leads to the occurrence of more payment card frauds.

So, Huge amounts of Crimes takes place Because of the Identity Theft of a user through coping and making a clone of a card from a Legitimate user card…

So, RBI(Reserve Bank of India) has taken a massive step in the security of payment cards…  and has given instructions to all the banks to Shift to Chip-Based cards from Magnetic Strip Card… And there will be No Payment Card Frauds From Now

These cards are Know as EMV(Europay, Mastercard, Visa) …They  Have a Certain  Chip on the cards which will reduce the frauds … As these cards ensure that there will be No Payment Card Frauds From Now

 

How chip-based cards will help in Preventing Card Frauds…

1.Card Dipping technique will be used

Card Dipping Means Cards will be Inserted into the machines which will be reading the Data from chip…Dipping can be more secure than swiping of cards into POS(point-of-sale) terminals or ATM(Automated Teller Machine) machines…

2.New Code will be generated in Every Transaction-

While we use payment cards for any transaction in magnetic stripe payment cards, the same code is used all the time which is encoded in the strip.. but in EMV cards in each transaction new code will be generated and that will be very helpful in the prevention of cloning of cards…

3.Prevents from Skimming

Skimming is a technique in which the magnetic strip code of our card is copied and clone card is made for fraud transactions, but as this card uses card dipping and new code generation in each transaction…Skimming will be prevented Easily…

4. Safer Transactions

This EVM card techniques can be much safer from the Traditional magnetic card swiping… This uses tokenization which significantly increases the security of transactions…

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