Chip + PIN transactions
Chip+PIN transactions have the highest form of security. They utilize both a chip card and they require the cardholder to authorize the transaction with their unique 4-digit PIN number.
Chip cards are already more secure than their swiped counterparts - see more here. Similarly, PIN-debit sales are considered less susceptible to fraud than their credit counterparts - we write about this here. So what's chip+PIN? Simply put - it's the best of both worlds!
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Just like with your debit card, when you're issued a chip+PIN credit card, you'll also set a 4-digit PIN code. And just like with your debit card, now you'll get prompted for a PIN code when utilizing your credit card at retailers that accept chip+PIN transactions! This technology is great for both parties:
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Consumers get the added peace of mind that a stolen credit card can't be used by a thief - unless they know your 4 digit PIN, the card is useless when inserted.
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Retailers know that when they accept a sale from a customer, the customer is legitimate. Chargebacks are reduced, and fraudsters won't target their establishment.
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Chip+PIN is quickly gaining popularity in the US and is on the path to becoming the default payment method moving forward. We recommend brick-and-mortar merchants to accept Chip+PIN when they're able as it reduces fraud and increases consumer confidence!
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