If you ask someone who is very conversant with how the credit card and the EMV operate you will bet that the traditional magnetic cards are very vulnerable to fraud than the new EMV chip-card.

The magnetic stripes on the traditional credit card or debit cards store static, unchanging data.  Therefore, anyone who accesses your cards data (bank account information) gains the sensitivity of your information and will be in a position to make any purchase using your card.  A fraudster can easily replicate the magnetic-stripe data over and over again at home since the information is static information.

Hackers also can also use card skimmers to access the card`s security information on the magnetic stripe. This is the reason why the FBI`s Criminal Investigative Division Financial Crime Section once confirmed that the increase and advancement in technology have led to significant increase in identity theft and data breaches just from computer intrusion. The fraudster can also swiftly penetrate to the retailers’ corporate information systems through the use of some advanced computer hacks software and copy card numbers. Such crimes have already been reported in Target, Neiman Marcus, Home Depot, and in some other small retail stores.

On the other hand, the EMV cards data is dynamic. The EMV chip-card is, therefore, a weapon to combat identity theft in the USA. Each time an EMV card is used to transact, the card chip—a microprocessor—validates the authenticity of that card and provides a unique security code that can only be used for one transaction. The EMV cards secure user/ card holder`s data on integrated circuits. To access and process the data the original chips must be physically inserted into a card reader for legitimacy verification.

The integrated circuits are practically impossible to duplicate hence providing an `added layer` of security that surpasses the magnetic-stripe technology that has been in use since 1960. Note that the EMV card is not a measure to prevent data breaches. But in case your EMV information get on the hacker hands from one specific point of sale (POS), the processing of such typical card duplication cannot work. The EMV technology hence makes identity crime much harder.  This is the reason why the EMV technology is much more efficient in combating crime since making crime penetration hard is one of the best strategies for managing crime. Crime investigative bureaus hold if something is extremely difficult, expensive or, time-consuming, the fraudsters shift to something else. This is the reason why identity fraud is much high in the USA than in Europe since Europe adopted The EMV technology much earlier. Therefore, until the EMV chip-card technology is fully implemented, identity theft will continue to be a plague for American financial and commercial institutions. Why should you survive at the mercy of fraudster while you have an option and chance to shift to the EMV technology?

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