Earlier this year, most major financial institutions put into place new debit and credit cards featuring EMV technology. According to the U.S. Payments Forum, 600 million of these cards with embedded chips have been issued to consumers.

The Europay, MasterCard and Visa chip is often called an “EMV chip.” You have probably noticed the microchip located above your card number. The purpose of the chip is to protect consumers from huge security breaches.

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