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We have a lot of security precautions in place to protect against fraud. The chip card offers a higher level of security for chip-enabled point-of-sale transactions, but current cards will continue to be secure – especially if cardholders keep their PIN a secret, regularly monitor card activity and immediately report lost or stolen cards.
Yes, cardholders will insert the chip card into the reader. The card stays in the terminal during the transaction, similar to the way some ATMs work today. If cardholders swipe a chip card’s magnetic stripe on a terminal turned on to read chip cards, the terminal may require them to insert their card into the chip reader. Cardholders will also need to remember to pocket their card when done. Online purchases are conducted in the same way as magnetic stripe cards today.