EMV’s are working. Mobile wallets are best for security
Bottom Line: Recently I’ve been on a credit card security kick. If you’ve ever had to deal with stolen credit card information, bogus charges, skimming issues, etc., you don’t need too much incentive.Little things that make life a little more secure and a little less likely for you to get scammed can save you a lot of stress and money later. One of my favorite recent finds is the Apple Pay/mobile pay option at gas stations. I now make a point to identify gas stations that accept mobile payments and use them exclusively. It’s the only guaranteed way to ensure you don’t get skimmed. And that got me to thinking about EMV technology, or chip-and-pin if you prefer.
You might remember that it was just over four years ago that the mandate for credit and debit cards to make the move to the EMV technology came down. Even still, we’re still talking about the same issues they were supposed to solve so I did a little digging. Does the chip-and-pin technology really accomplish anything? The answer is yes.
According to data from VISA, credit card fraud via stolen numbers declined by 58% with EMV technology in the US. But anytime you use your magnetic strip you’re still at risk.Plus,numbers we use online. So, what about mobile payment options like Apple Pay? Based on my research it reduces point-of-purchase fraud by 100%. The only instances of fraud I’ve found involved people stealing credit cards and then scanning those cards into an Apple Pay account. Again, the failure of the physical card.
Because Apple Pay doesn’t store credit card information in your mobile wallet and because only a unique code is credit for transactions (like EMV technology), it really is as secure as it gets as long as someone doesn’t steal your phone and access your accounts. In short, EMV technology is better but without a doubt, mobile wallets are the best for safety.