What is EMV?
EMV (stands for Europay, MasterCard and Visa) is a global security standard for chip card technology. It enables chip cards to be accepted anywhere in the world. With the EMV Smart Chip, your card is better protected against fraudulent activities.
Why replace magnetic-stripe cards with EMV chip cards?
Chip cards are safer than magnetic stripe cards. A magnetic stripe card can be cloned. A chip card, however, contains a microprocessor chip that uses encryption to prevent its contents from being replicated.
What are the advantages of having the EMV chip in my card?
The chip card complies with the Monetary Authority of Singapore’s enhanced standard of data security. Compared to a magnetic stripe card, a chip card is able to store more data that uniquely identifies the card and the cardholder. This makes it nearly impossible for fraudsters to decode, or tamper with the card.