Today, a constant concern is that you can clone your plastics. Therefore, we will tell you what is the importance of the chip in your bank cards.
Until a few years ago, only the so-called magnetic stripe existed on the cards. But, due to their high cloning vulnerability, MasterCard, Visa and Europay companies joined together to create a standard microprocessor for cards. This technology is called EMV chip, by the initials of the companies.
What is the importance of the bank chip?
The chip in your cards works differently from the magnetic stripe: its encryption is more advanced and dynamic. Unlike the magnetic stripe, whose encryption is always the same, the chip changes each time a transaction is made. What makes it harder for it to be cloned.
In Mexico, in 2013, the Bank of Mexico (Banxico) established that banks would assume charges for cash withdrawals or unrecognized purchases, in cases of fraud with non-chip cards.
And is that according to information from the National Commission for the Protection and Defense of Users of Financial Services (Condusef), unrecognized consumption is the first cause of claim to the banks: six out of 10 complaints are for this cause.
Although the migration to the bank chip is progressing in the country
Although the migration to the bank chip is progressing in the country, Condusef is very clear that although the chip makes cloning more difficult, it does not necessarily prevent it, so certain considerations should always be taken into account when using it. Here are some recommendations from the agency:
Never lose sight of your card
Request that store you attend take you to the Point of Sale Terminal, in this way you can verify the handling of it.
- Use it in established stores. Avoid using credit or debit cards in places of doubtful reputation.
- Activate alerts. Most of the financial institutions have the service of alerts of movements in the accounts, whether it arrives to you by email or by SMS.
- Verify your consumption. In case of making a purchase, it is advisable to check your balance and keep track of how much balance you had, either in credit or debit.
- Have a copy On the back of your card comes a number so that in case of theft or loss you can report it. Have a copy or this number on hand so that when detecting any unrecognized movement, report it.
If your card still does not have the chip, you need to go to your bank to know the process to replace the plastic, so that, as far as possible, your information can be more secure.