![]() ![]() European countries and Canada, however, have been using EMV technology for decades. Scary, right? At that point, the major credit card companies decided to work together to prevent security breaches and institute chip cards in the United States. Think back to the Target, Home Depot and Sony data breaches where consumer information was compromised. The purpose of the chip is to protect consumers from huge security breaches. The Europay, MasterCard and Visa chip is often called an “EMV chip.” You have probably noticed the microchip located above your card number. Payments Forum, 600 million of these cards with embedded chips have been issued to consumers. Earlier this year, most major financial institutions put into place new debit and credit cards featuring EMV technology.
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