Magstripe upgrade

The black stripe on the back of cards may seem quite simple, but invention hails back to the Denmark invention in 1900 of magnetic recording on steel tape to make audio recordings.  The technology eventually led to the wide adoption and use of credit and debit cards, and, according to Credit Cards.com, that was transformative for retail and banking industries.  

EMV is more secure than the magnetic stripe. That’s because every time a consumer uses their EMV card, the information that’s encrypted in the chip changes, making it much harder for thieves to steal consumer’s account and personal information. To help reduce fraud, credit card companies recognized they needed to do something at the point where fraud most often occurs (in stores) and that’s at the POS. So, as of October 1, 2015, there’s been a liability shift, and any business with a POS system must accept EMV payments or they become liable for the cost of fraudulent card use and chargebacks