Credit card tech conversion could save consumers, cost businesse - NBC12 - WWBT - Richmond, VA News On Your Side

Credit card tech conversion could save consumers, cost businesses

Instead of a magnetic strip, the new 'chip' cards will have an embedded chip that protects your data. (Photo Source: WMC Action News 5) Instead of a magnetic strip, the new 'chip' cards will have an embedded chip that protects your data. (Photo Source: WMC Action News 5)
RICHMOND, VA (WWBT) -

A switch in credit card technology could cut the ability of thieves to steal your data, while also costing business owners.

All American retailers will have to upgrade their credit and debit card terminals to EMV or "chip" card technology by October 1, reports WMC-TV.

The chips replace the magnetic strips which hold your account number and personal information. 

"We call it 'tokenization,'" Stephanie Ericksen, Vice President of Risk Policy at VISA told WMC. "We replace your account number with an unique, substitute number (on every transaction), and if that number is stolen, the thief's opportunity to use it for fraudulent transactions is limited."

Click here for their report: http://shout.lt/4Yrh

Copyright 2015 WWBT NBC12/WMC Action News 5. All rights reserved

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