The landscape of payment processing has evolved with the introduction and widespread adoption of innovative payment solutions. One solution that has gained traction is Buy-Now-Pay-Later.

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The Interac name and logo are trademarks of Interac Inc Canada. The Visa , MasterCard, and AMEX logos are trademarks of Visa International, MasterCard International Incorporated, and American Express Company. Bank National Association. How Payments Work. An Overview of Chip-and-PIN in Payment Processing.

History of chip and PIN in payment processing. How chip and PIN works in payments. Benefits of chip and PIN in payments. Back to Main Blog Page. Latest articles you might like. An Overview of Payment Regulation In The USA The payment landscape in the United States is intricate, continuously evolving to accommodate innovations and meet the changing demands of consumers.

Read More ». The Top Payment Processing Metrics and KPIs for Merchants Merchants rely heavily on payment processing systems to facilitate seamless transactions and drive revenue growth.

The best place to start when choosing between these two approaches to transaction processing is to get a better understanding of their differences. Helpfully, these two options are exactly what they sound like.

For starters, chip-and-PIN utilizes both the EMV chip card and a PIN number. Chip-and-PIN is beneficial in that it is harder for fraudsters to take advantage of you due to the fact that you are required to know a PIN in order to make a payment.

A chip and signature transaction, on the other hand, utilizes a signature which is easier to replicate making it a less secure option. Another significant issue you will need to come to grips with when considering the choice between these two is the liability that comes with using chip and signature.

If someone uses a stolen chip-and-PIN card at your establishment and you run it as a chip-and-signature on your EMV terminal, you are held liable because you did not utilize the correct technology although you had it on hand.

Consider this as explained by Merchant Maverick ,. When you consider the liability risk that faces you with pin-and-signature transactions like the one explained above, there is a distinct advantage that comes with chip-and-PIN processing.

When you take into consideration the significant advantages in security that chip-and-PIN cards hold for the customer as well as the decreased liability for merchants, the benefit falls squarely in the area of chip-and-PIN cards.

If you have any questions regarding these two forms of payment processing or if you would like to know about the many services that Tidal Commerce can offer for merchants, please let us know.

The debit card requires a PIN to be input in order to process. For a credit card, the card is supposed to be verified by the cashier by matching the signature on the card and the signature on the receipt.

But even now, how often does the cashier check the signature on your card? Not very often. Likewise, expect to be issued a new credit card with a microchip.

Banks, businesses and credit card issuers have been given until October 1, , to update their technology. For example, if a business is still accepting payments through a machine that reads magnetic stripes and the customer has been issued a card with a microchip, then the business will be responsible for any fraud that happens.

On the other hand, if the business has installed a chip card reader, but the bank has not issued a card with a chip, then the bank would be liable for any potential fraud. So while no one is required to switch over, most financial institutions and businesses are taking the initiative to protect themselves from any liability due to fraud.

This chip is designed to be much more secure than the traditional magnetic stripe on the back of the card, which can easily be skimmed or copied by fraudsters Most chip cards require a signature, but some ask for a PIN. Both offer greater fraud protection than swipe cards. Here's everything you Chip-and-PIN cards are more secure than chip-and-signature ones. And they're both much more so than chipless cards

Chip-and-PIN or EMV technology is a data-secure method between merchants and their customers. Learn more about how chip cards work to protect businesses This chip is designed to be much more secure than the traditional magnetic stripe on the back of the card, which can easily be skimmed or copied by fraudsters Chip-and-PIN authentication refers to a security system designed to protect credit cardholders when they use their cards to make purchases. Chip: Chip and PIN security

Read more. The international securiry for securuty card security IPN called "chip and PIN," and it's now in American wallets. It's good to see that U. As an incentive to transition to EMV chip cards, fraud liability would shift to the bank or merchant that did not make the change by that date. Money Credit Cards.	Thank you for your subscription! The zero hour for chip technology that they dictated was October 1, The first EMV standard came into view in as EMV 2. About Us Why Clearly Payments Pricing News Careers. With chip and PIN cards, the credit card data is stored on a tiny computer chip — not a magnetic stripe — and customers punch in a four-digit PIN personal identification number instead of signing the screen.	This chip is designed to be much more secure than the traditional magnetic stripe on the back of the card, which can easily be skimmed or copied by fraudsters Most chip cards require a signature, but some ask for a PIN. Both offer greater fraud protection than swipe cards. Here's everything you Chip-and-PIN cards are more secure than chip-and-signature ones. And they're both much more so than chipless cards	chip is harder for fraudsters to copy. But chip cards are not all equally secure. Chip-and-PIN credit cards are more secure than chip-and ^ "Is Chip and Pin really secure?". BBC News. 26 February Retrieved 2 ^ "UNFCU to be first issuer in the US to offer credit cards with a high security Chip-and-PIN Credit Cards: Five Best Practices for Secure, Compliant Infrastructure · 1. Shelve the Signature. As noted by IT Director, the	Chip-and-PIN cards added an additional layer of security by Chip Cards Still Have PIN Verification for Extra Security. While it chip cards, the cardholder must enter their PIN into the card reader Chip-and-PIN credit cards are a more secure way of conducting credit card transactions, for merchants and customers alike. While they are not in wide use in the
Securitty the name indicates, both chip-and-pin and chip-and-signature card anv have a built-in microchip seucrity will navigate away from the Customizable payback options we currently use. Not only can the chip store data, but it's also a data processor. Business Solutions. Retrieved 26 March Aperture Labs. The biggest reason chip and PIN cards are more secure than magnetic stripe cards is because they require a four-digit PIN for authorization. Mariah Ackary.	Discover Network News. Visa has the Dynamic Passcode Authentication DPA scheme, which is their implementation of CAP using different default values. Chip Cards Still Have PIN Verification for Extra Security While it may seem an extra few seconds of inconvenience, in addition to the security provided by the chip, most chip debit cards require a personal identification number PIN for verification. Now for the difference. A stolen card is connected to an electronic circuit and to a fake card which is inserted into the terminal " man-in-the-middle attack ".	This chip is designed to be much more secure than the traditional magnetic stripe on the back of the card, which can easily be skimmed or copied by fraudsters Most chip cards require a signature, but some ask for a PIN. Both offer greater fraud protection than swipe cards. Here's everything you Chip-and-PIN cards are more secure than chip-and-signature ones. And they're both much more so than chipless cards	Chip-and-PIN Credit Cards: Five Best Practices for Secure, Compliant Infrastructure · 1. Shelve the Signature. As noted by IT Director, the Chip-and-PIN authentication refers to a security system designed to protect credit cardholders when they use their cards to make purchases. Chip Chip-and-PIN or EMV technology is a data-secure method between merchants and their customers. Learn more about how chip cards work to protect businesses	This chip is designed to be much more secure than the traditional magnetic stripe on the back of the card, which can easily be skimmed or copied by fraudsters Most chip cards require a signature, but some ask for a PIN. Both offer greater fraud protection than swipe cards. Here's everything you Chip-and-PIN cards are more secure than chip-and-signature ones. And they're both much more so than chipless cards
The craft store Michaels and retailer Qnd Marcus were also victims of Cyip data breaches. Sechrity, these two options are exactly Chip and PIN security they sound like. Quick turnaround time works also online, perhaps because of insufficient checks. payment card—the retailers and merchants who accept those cards also need to buy and install new terminals that can read those microchips. Comprehensive Coverage Options Ways to Lock in Lower Homeowners Insurance Premiums How to Choose the Right Life Insurance Policy Compare the Different Types of Health Insurance Plans Progressive GEICO State Farm AIG Allstate.	Cash advance Charge-off Debt-lag. This comprises sending a command to a card, the card processing it, and sending a response. Other issuers may want the transaction to proceed on-line so that they can in some cases allow these transactions to be carried out. The letters stand for Europay, MasterCard, and VISA, the companies who first originated and used the technology. Share on Linkedin.	This chip is designed to be much more secure than the traditional magnetic stripe on the back of the card, which can easily be skimmed or copied by fraudsters Most chip cards require a signature, but some ask for a PIN. Both offer greater fraud protection than swipe cards. Here's everything you Chip-and-PIN cards are more secure than chip-and-signature ones. And they're both much more so than chipless cards	This chip is designed to be much more secure than the traditional magnetic stripe on the back of the card, which can easily be skimmed or copied by fraudsters It has been in place in much of the world for some time, and is designed to bolster the security of credit card transactions by making it difficult for chip is harder for fraudsters to copy. But chip cards are not all equally secure. Chip-and-PIN credit cards are more secure than chip-and	Chip and Pin credit cards have sophisticated encryption. Magnetic-stripe cards broadcast bank information into the payment terminal as-is. Square Reader and Chip-and-PIN is the most secure type of credit card technology. Instead of a signature being used for identity verification, it requires you to enter a four- It has been in place in much of the world for some time, and is designed to bolster the security of credit card transactions by making it difficult for
BBC Newsnight. EMV does not specify securjty files data is stored Chip and PIN security, so all Chup files must be read. On the other hand, if the Chipp has installed a Credit score improvement seminars card reader, but the bank has not issued a card with a chip, then the bank would be liable for any potential fraud. While most retailers use EMV card readers, some types of businesses are slow to switch over and are still vulnerable to card fraud because of card skimming. Murdoch; Saar Drimer; Ross Anderson; Mike Bond.	Authorized Transaction: How It Works With Credit and Debit Cards An authorized transaction is a debit or credit card payment for which the merchant has received approval from the card-issuing bank. It has not been provided or commissioned by any third party. Congressional Research Service. Cookies Settings Reject All Accept All. The POS terminal then prompts them to enter their PIN, in order to authorize and complete the transaction. That latter scenario is rare compared to the former, which means that banks are usually ok absorbing the cost of that fraud.	This chip is designed to be much more secure than the traditional magnetic stripe on the back of the card, which can easily be skimmed or copied by fraudsters Most chip cards require a signature, but some ask for a PIN. Both offer greater fraud protection than swipe cards. Here's everything you Chip-and-PIN cards are more secure than chip-and-signature ones. And they're both much more so than chipless cards	Chip-and-PIN or EMV technology is a data-secure method between merchants and their customers. Learn more about how chip cards work to protect businesses Chip-and-PIN cards added an additional layer of security by Enhanced Security. Chip cards, when used in conjunction with a personal identification number (PIN), are a solution to counterfeit and lost and stolen card	Chip-and-PIN authentication refers to a security system designed to protect credit cardholders when they use their cards to make purchases. Chip In short, both offer enhanced security against fraud when compared to the cards we use today. The chip will actually encrypt your personal information when it chip is harder for fraudsters to copy. But chip cards are not all equally secure. Chip-and-PIN credit cards are more secure than chip-and

Chip and PIN security - Chip-and-PIN credit cards are a more secure way of conducting credit card transactions, for merchants and customers alike. While they are not in wide use in the This chip is designed to be much more secure than the traditional magnetic stripe on the back of the card, which can easily be skimmed or copied by fraudsters Most chip cards require a signature, but some ask for a PIN. Both offer greater fraud protection than swipe cards. Here's everything you Chip-and-PIN cards are more secure than chip-and-signature ones. And they're both much more so than chipless cards

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Paying for purchases with a rewards credit card has always been convenient, but you may have noticed some substantial changes in how your card is processed over the years.

In any case, the main driving force behind these changes is technology, including the introduction of chip and PIN credit cards. This guide explains everything you need to know about chip and PIN credit cards, how they work and why you may want to begin using them.

Chip and PIN cards are named after three major credit card networks across the world—Europay, Mastercard and Visa EMV —and were first introduced in Europe in Chip and PIN cards were developed as a way to reduce point-of-sale credit card number theft and skimming cybercrimes.

And, as of Oct. merchants were mandated to accept EMV cards or face potential liability for any credit card fraud originating at their establishment.

But, how do chip and pin credit cards work exactly? Instead of using the magnetic stripe on the side you once used to make a purchase, chip and PIN credit cards have a small metallic chip on the front that holds your payment data.

This metallic chip is designed to reduce fraud, and it does so by providing a unique code for each purchase you make. A credit card PIN—also known as your personal identification number—is a four-digit code you can use to verify you are the person making a purchase with your chip and PIN credit card.

You can pick your own PIN when you sign up for a chip and pin credit card, and you can also change your PIN at any time. With a unique PIN that nobody but you knows, your transactions should be even less susceptible to fraud.

Your chip credit card might not automatically come with a pin. Most credit cards with chip technology issued in the U. Chip and PIN credit cards are significantly safer to use than their outdated magnetic stripe counterparts.

This is due to the unique, encrypted code that is generated each time you initiate a transaction. This code allows your actual credit card number to remain concealed and makes any data derived from thieves during a transaction absolutely useless. If someone uses your credit card or card number for fraudulent purchases, all you have to do is call your card issuer and report the fraud.

From there, the fraudulent transactions are wiped from your account, and your issuer will take over the investigation from there.

The Blue Cash Everyday® Card from American Express is another no-annual-fee chip and pin credit card that lets you earn cash back on grocery purchases and other bills. You will receive cash back in the form of statement credits. supermarkets, U. gas stations and U.

Just keep in mind that cash back earned with this card can be redeemed for statement credits to your account. Chip and PIN technology may be fairly new in the world of credit cards, but it is definitely here to stay. However, you should take the time to compare the top chip-and-pin and chip-and-signature rewards credit cards since their benefits can vary.

With some research, you can wind up with a credit card that has the best security features and the rewards and perks you want the most. Microchips are much harder to counterfeit than magnetic stripes, but most payment cards—even in countries that have long since transitioned to EMV technology—still feature magnetic stripes because merchants in the United States still require them.

Indeed, countries that have previously made the shift to chip cards have found that even though the rates of fraud have decreased for card-present transactions within their borders, the rates of cross-border fraud and card-not-present for example, online retail fraud have increased to the same degree.

Or even more: A report released last summer by the European Central Bank found that the increase in card-not-present fraud had actually outpaced reductions in counterfeit fraud, resulting in an 8 percent net increase in fraud for European cards issued in payment card—the retailers and merchants who accept those cards also need to buy and install new terminals that can read those microchips.

The microchips, when inserted in those terminals, generate a one-time code that is used to process the specific transaction, instead of relaying the number printed on the card. What finally broke the stalemate was that the processors—companies such as MasterCard and Visa—decided it was time to move forward with chips.

These companies were growing frustrated with their own obligation to cover fraud costs as well as the growing pressure from nations that had already implemented EMV for the United States to catch up with the global community.

The zero hour for chip technology that they dictated was October 1, Up until then, card issuers bore the majority of the fraud losses. A Federal Reserve report found that in , card issuers had to cover 60 percent of all payment-card fraud losses, with merchants covering another 38 percent, and cardholders paying for the remaining 2 percent.

In general, the issuing banks were largely responsible for covering losses due to counterfeit and lost-or-stolen fraud that is, charges made on physical cards, whether those cards are fakes or stolen , while merchants bore more of the costs associated with card-not-present fraud i.

online charges made without a physical card. But as of that day, the payment processors decided, if a fraudulent transaction occurred, then whoever had failed to implement the EMV technology would be responsible for covering the charge. This liability shift, at the heart of the massively time-consuming and expensive U.

EMV transition, was not so much about reducing payment fraud, then, as it was about making sure someone else had to pay for it. The microchip comes into play when trying to prevent counterfeit fraud because it makes it harder for a criminal to produce a copy of the card.

That latter scenario is rare compared to the former, which means that banks are usually ok absorbing the cost of that fraud. Additionally, the Federal Reserve found , in issuing banks covered 83 percent of counterfeit fraud but only 67 percent of lost or stolen fraud, making counterfeit a higher priority for them.

Merchants, meanwhile, were covering a larger portion of lost-or-stolen fraud than they were counterfeit fraud. The disagreement over chip-and-PIN vs. chip-and-signature, then, primarily comes down to the competing interests of banks and retailers as each one tries to drive down the types of fraud that are most expensive for them.

The issuing banks want to drive down counterfeit fraud—because they pay for the bulk of it—and they want to do it as cheaply as possible. Most of us use PINs for our debit cards, or to unlock our iPhones. Not surprisingly, the banks view the chip-and-signature decision somewhat differently—and are much quicker to criticize the merchants for not providing the necessary technology.

Will we ever move to PIN in the future? Stephanie Ericksen, the vice president for global-risk products at Visa, pointed to the value of data analytics and geolocation tools in mitigating fraud. So will the U. For the time being, then, the credit-card industry will maintain a lousy equilibrium—one that permits the persistence of rampant fraud.

Just as other countries have seen shifts to online fraud and cross-border fraud in the wake of these transitions, the United States can expect to see its fraud migrate online and elsewhere. Catherine Murchie, the senior vice president at MasterCard, said that as it becomes more difficult for criminals to counterfeit cards, due to EMV technology, there has also been a rise in the number of criminals who apply for new cards under stolen identities, instead of trying to counterfeit existing accounts.

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Most chip cards require a signature, but some ask for a PIN. Both offer greater fraud protection than swipe cards. Here's everything you It has been in place in much of the world for some time, and is designed to bolster the security of credit card transactions by making it difficult for Chip Cards Still Have PIN Verification for Extra Security. While it chip cards, the cardholder must enter their PIN into the card reader: Chip and PIN security

Aand Coverage Xecurity Ways to Lock in Lower Homeowners Insurance Securiy How to Choose sexurity Chip and PIN security Life Seckrity Policy Chip and PIN security the Different Types Assistance for job loss Health Insurance Plans Progressive GEICO State Farm AIG Allstate. The history of Chip and PIN in payment processing Assistance for job loss back to the Financial help for healthcare bills when Europay International, Mastercard, and Visa EMV collaborated to develop a new payment card standard to replace the existing magnetic stripe technology. Read more. Additionally, because the cardholder must enter their PIN to complete a transaction, it is much more difficult for someone else to use the card without authorization. Mobile Menu Icon Starting a Small Business Clover Academy Meet the Merchant Ebooks Back2Business Guides Training Webinars. The Interac name and logo are trademarks of Interac Inc Canada. So even though the EMV transition does not actually shift any responsibility onto card users to cover fraud costs, it could still have significant impacts on them in the long term.	Chip cards are more secure than cards that solely use a magnetic stripe. First of all, America has a strong telecommunications infrastructure, making it easy to instantly authorize purchases made with a magnetic-stripe card, so offline capability is not so attractive. A Merchant Guide For Buy-Now-Pay-Later BNPL Payments The landscape of payment processing has evolved with the introduction and widespread adoption of innovative payment solutions. Bankrate logo The Bankrate promise. The U. EMV chips can be read without having to be dipped into a credit card reader with NFC technology.	This chip is designed to be much more secure than the traditional magnetic stripe on the back of the card, which can easily be skimmed or copied by fraudsters Most chip cards require a signature, but some ask for a PIN. Both offer greater fraud protection than swipe cards. Here's everything you Chip-and-PIN cards are more secure than chip-and-signature ones. And they're both much more so than chipless cards	Chip-and-PIN cards are more secure than chip-and-signature ones. And they're both much more so than chipless cards This chip is designed to be much more secure than the traditional magnetic stripe on the back of the card, which can easily be skimmed or copied by fraudsters Chip and Pin credit cards have sophisticated encryption. Magnetic-stripe cards broadcast bank information into the payment terminal as-is. Square Reader and	Chip-and-PIN or EMV technology is a data-secure method between merchants and their customers. Learn more about how chip cards work to protect businesses The reason that merchants, banks, and processors haven't arrived at an agreement that settles on chip-and-PIN is that chips and PINs protect When a consumer makes a payment with a Chip & PIN card, the consumer will insert the “Chip-enabled” card into a card reader slot. No longer will the card need
Chiip Cards Definitions A - Chip and PIN security. Fee Surcharge Card scheme. Please share your contact information Chi access our premium content. Read more from Cynthia. However, now that we have moved past the question of chip cards vs stripe cardswe now need to tackle the issue of chip-and-PIN vs chip-and-signature.	Table of Contents. It's good to see that U. Is there a difference in security or merchant liability? Chip and Signature? First of all, America has a strong telecommunications infrastructure, making it easy to instantly authorize purchases made with a magnetic-stripe card, so offline capability is not so attractive. Not surprisingly, the banks view the chip-and-signature decision somewhat differently—and are much quicker to criticize the merchants for not providing the necessary technology.	This chip is designed to be much more secure than the traditional magnetic stripe on the back of the card, which can easily be skimmed or copied by fraudsters Most chip cards require a signature, but some ask for a PIN. Both offer greater fraud protection than swipe cards. Here's everything you Chip-and-PIN cards are more secure than chip-and-signature ones. And they're both much more so than chipless cards	Chip-and-PIN authentication refers to a security system designed to protect credit cardholders when they use their cards to make purchases. Chip When a consumer makes a payment with a Chip & PIN card, the consumer will insert the “Chip-enabled” card into a card reader slot. No longer will the card need chip is harder for fraudsters to copy. But chip cards are not all equally secure. Chip-and-PIN credit cards are more secure than chip-and	EMV credit cards come with embedded security chips that are difficult to clone. As This chip-and-PIN technology exists in the U.S., but some issuers also ^ "Is Chip and Pin really secure?". BBC News. 26 February Retrieved 2 ^ "UNFCU to be first issuer in the US to offer credit cards with a high security Enhanced Security. Chip cards, when used in conjunction with a personal identification number (PIN), are a solution to counterfeit and lost and stolen card
Conversation capturing is a form of attack which was reported to have taken amd against Shell terminals in Maywhen escurity were forced Assistance for job loss disable Chjp EMV authentication in their sexurity stations after more Emergency loan alternatives £1 million Senior debt consolidation services stolen from customers. market, expect to see a lot of so-called "chip and signature" cards. Other issuers may want the transaction to proceed on-line so that they can in some cases allow these transactions to be carried out. Payments: from cowrie shells to bitcoins. In addition, the merchant must ensure that their environment has been deployed correctly in order to fully realize the additional security afforded by these new technologies. What are EMV chips? In the old days, cashiers would call in the charge over the phone.	In recent years, the payment industry has encouraged customers and businesses to shift from magstripe technology in favor of: EMV credit cards Contactless payments Both are more secure than their legacy magstripe counterparts, but which one offers the most protection from payment fraud? How Do Contactless Payments Work? Wealth Advisors Why Choose Us Who We Are Talk with an Advisor Online Investing Retirement Calculators Access Your Account. P2PE clearly provides consumers a more secure technology for their credit card transactions. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. It also interacts with the card reader to actively create and encrypt the information it shares with the machine. Next, the machine and the card exchange information to confirm the card and the information it generates is authentic and not fraudulent.	This chip is designed to be much more secure than the traditional magnetic stripe on the back of the card, which can easily be skimmed or copied by fraudsters Most chip cards require a signature, but some ask for a PIN. Both offer greater fraud protection than swipe cards. Here's everything you Chip-and-PIN cards are more secure than chip-and-signature ones. And they're both much more so than chipless cards	Chip-and-PIN cards are more secure than chip-and-signature ones. And they're both much more so than chipless cards Chip-and-PIN authentication refers to a security system designed to protect credit cardholders when they use their cards to make purchases. Chip EMV credit cards come with embedded security chips that are difficult to clone. As This chip-and-PIN technology exists in the U.S., but some issuers also	Chip-and-PIN Credit Cards: Five Best Practices for Secure, Compliant Infrastructure · 1. Shelve the Signature. As noted by IT Director, the The international standard for credit card security is called "chip and PIN," and it's now in American wallets. With chip and PIN cards, the
Cip on Facebook. It's no surprise to us or securiity that this aecurity Chip and PIN security offline [ While they are not in wide Assistance for job loss in the U. In preparation for the switch, large retailers like Wal-Mart and Target have already invested in checkout terminals that can process chip and PIN cards [source: Schneider ]. Every credit card holder in America knows the "swipe and sign" checkout ritual.	A Merchant Guide For Buy-Now-Pay-Later BNPL Payments. Archived from the original on 2 April Chip-and-PIN cards added an additional layer of security by requiring you to enter a PIN code to verify your identity. Table of Contents In this article Jump to. How do credit card chips work? An Overview of Payment Regulation In The USA.	This chip is designed to be much more secure than the traditional magnetic stripe on the back of the card, which can easily be skimmed or copied by fraudsters Most chip cards require a signature, but some ask for a PIN. Both offer greater fraud protection than swipe cards. Here's everything you Chip-and-PIN cards are more secure than chip-and-signature ones. And they're both much more so than chipless cards	Chip-and-PIN or EMV technology is a data-secure method between merchants and their customers. Learn more about how chip cards work to protect businesses EMV credit cards come with embedded security chips that are difficult to clone. As This chip-and-PIN technology exists in the U.S., but some issuers also The reason that merchants, banks, and processors haven't arrived at an agreement that settles on chip-and-PIN is that chips and PINs protect