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UNDERSTANDING THE BACKGROUND OF CHIP AND PIN24-Apr-2019 byadmin
Now the usual technology, chip and PIN machines havebecome a regular part of daily life. Although checks and credit cards alwaysprovide, there is no way to avoid cash payments, the fight against fraud has alwaysbeen in the background.
Thanks to chip cards, payment security has beenredefined in a way that benefits the consumer. Security has become the firstpriority, 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 simplesystem for access to all types of companies.
When chip technology started in France, internationalattention received 80% of the fraud in France. Now chip technology and PIN codein Great Britain are widely used in most retailers and large retailers.
CHIP ANDPIN: HOW DOES IT WORK?
The chip and PIN machine use the PIN within the chipcard and also require a PIN code (personal identification number) to obtain aunique code that only the card owner knows.
The chip itself is known as EMV, a name that includesEuropay, MasterCard, and Visa. Technologyis surprising to the world and causes a drastic change for consumers andbusinesses. 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 transactionis fake, there is no doubt about the validity of the cardholder.
As in 2009, the Financial Services Authority (now theorgan of financial behavior) proved legitimate. It is no longer necessary toprove 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 availablebalance sheet and balance sheet accounts are unsuitable for the thieves.Customers can buy securely in small stores because the fear of credit cardfraud is greatly reduced.
WHY ARE THECHIP AND PINK CARDS?
This card technology seems to reduce fraudulentproblems. Let’s face a few facts:
- Sliders are sensitive
- Signatures can easily be copied, i
- Magnetic strip cards can easily beduplicated with fairly cheap equipment
The chip contains secure card data. After a card isplaced in a chip card, the machine knows the card number, the expiration dateand more.
The cardholder enters his PIN code into the devicebecause this information is not available on the chip.
Sellers never have access to the PIN code. This meansthat those who do not have a PIN cannot use the card.
WHO CANBENEFIT FROM PAYING MOBILE PIN CODES AND?
With mobile chip and PIN machines, small andmedium-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 ofbusinesses.
The calculator no longer needs to be one place.Payment technology is always and everywhere available. Even art vendors canbenefit from this because it is now easy to sell a work of art somewhere in thecountry. It is not necessary to collect the money to buy a job, as wasnecessary for the past.
Contact www.edanpower.co.ukfor more information on chip and pin.