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Understanding the background of chip and pin24-Apr-2019 byadmin
Now the usual technology, chip and PIN machines have become a regular part of daily life. Although checks and credit cards always provide, there is no way to avoid cash payments, the fight against fraud has always been in the background.
Thanks to chip cards, payment security has been redefined in a way that benefits the consumer. Security has become the first priority, which explains the rapid transition to new and modern card readers.Low costs of chip technology have been made possible to be a fair and simple system for access to all types of companies.
When chip technology started in France, international attention received 80% of the fraud in France. Now chip technology and PIN code in Great Britain are widely used in most retailers and large retailers.
CHIP AND PIN: HOW DOES IT WORK?
The chip and PIN machine use the PIN within the chip card and also require a PIN code (personal identification number) to obtain a unique code that only the card owner knows.
WHAT IS EMV?
The chip itself is known as EMV, a name that includes Europay, MasterCard, and Visa. Technology is surprising to the world and causes a drastic change for consumers and businesses. This change in technology creates a business need for maintenance.
Apart from the simple improvement of fraud protection, EMV technology also has big rights. When the chip is used and the transaction is fake, there is no doubt about the validity of the cardholder.
As in 2009, the Financial Services Authority (now the organ of financial behaviour) proved legitimate. It is no longer necessary to prove innocence, as has already been shown.
Consumers feel at ease with a chip and PIN machine.Knowing that they are buying safe and personal information, the available balance sheet and balance sheet accounts are unsuitable for the thieves.Customers can buy securely in small stores because the fear of credit card fraud is greatly reduced.
WHY ARE THE CHIP AND PINK CARDS?
This card technology seems to reduce fraudulent problems. Let’s face a few facts:
- Sliders are sensitive
- Signatures can easily be copied, i
- Magnetic strip cards can easily be duplicated with fairly cheap equipment
The chip contains secure card data. After a card is placed in a chip card, the machine knows the card number, the expiration date and more.
The cardholder enters his PIN code into the device because this information is not available on the chip.
Sellers never have access to the PIN code. This means that those who do not have a PIN cannot use the card.
WHO CAN BENEFIT FROM PAYING MOBILE PIN CODES AND?
With mobile chip and PIN machines, small and medium-sized companies can offer a cash-free payment option on the market.Money is no longer needed.
Mobile POS options are cheap enough for all types of businesses.
The calculator no longer needs to be one place.Payment technology is always and everywhere available. Even art vendors can benefit from this because it is now easy to sell a work of art somewhere in the country. It is not necessary to collect the money to buy a job, as was necessary for the past.