According to figures from the National Banking and Securities Commission (CNBV) about 30.5 million people in Mexico count on Credit cardswhich allows them to make purchase payments, finance specific operations or have money to make the expenses that are necessary within certain time and quantity limits.
Currently, among the great variety of plastics, there are the so-called ‘white cards’ that they do not have the number (PAN) printed nor the expiration date, it also has a dynamic CVV.
This measure reinforces security both in its digital version as in physicalsince by not having these data a possible fraudulent use of the same is prevented.
What is the benefit of bank ‘white cards’ for users?
By not having these data, a possible fraudulent use is prevented.
And is that chip-only cards are a way to protect buyers against fraudulent transactions. For years, banks have been eliminating magnetic stripe cards and favoring these more secure and authenticated forms of payment.
As we have mentioned in other informative notes of The Truth Newsthe security features of bank cards with the chip consist of the following points:
1. EMV is designed to prevent fraud.
EMV cards are primarily designed to prevent fraudulent transactions that occur when someone physically swipes a fake card at a payment terminal. And chip card technology works.
In countries that have adopted EMV as the norm, certain types of credit card fraud have dramatically decreased.
2. Chip cards are very difficult to clone.
Magnetic stripe cards are, as the name implies, magnetized. When you swipe them, the payment processor reads their magnetic fields and associates them with your bank account information. The problem is that the data is static. This allows scammers to easily copy your information onto a new card. In fact, there is something called a skimmer, available or made for as little as $20, that can make this task much easier.
On the other hand, the data on chip cards is constantly changing, making them extremely difficult to isolate and extract.
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3. Chip and PIN credit cards have sophisticated encryption.
Magnetic stripe cards transmit bank information to the payment terminal as it is. Square Reader and Stand encrypt this information when they receive it to keep it secure.
Chip cards are different because they have sophisticated encryption built into the chip. When you insert a chip card (it is inserted, not swiped), it communicates with the payment terminal in a secret language to make sure it is you who is paying.
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