EMV Credit Cards Interview with KTBC Austin
CreditCards.com Senior Industry Analyst Matt Schulz spoke on Wednesday, September 30, 2015 with Dave Froehlich of Fox 7 KTBC Austin about the September 2015 EMV Credit Cards survey. The interview and transcript are below.
Dave Froehlich: Starting tomorrow, banks and anyone else who issues a credit card will be issuing chip enabled credit cards instead of the magnetic traditional stripped ones we’ve been used to. It’s an effort to make sure financial information is more secure. To that end, Matt Schulz here from CreditCards.com is gonna talk a little bit about what that means. Thanks for coming in.
Matt Schulz: Thanks for having me.
Froehlich: You said it’s one of the busiest times you’ve had with this development in credit card technology, and it’s all for consumer safety.
Schulz: Yeah. This is really all about keeping your credit card information safe, ’cause these chip cards, basically make the actual physical card harder to copy. But the big thing is that the chip creates this unique transaction code. Every time you make a purchase. And if somebody tries to steal that from the database at Target or Home Depot, and tries to reuse it, it won’t work. It’s basically like stealing an expired password.
Froehlich: And it’s really a different way to go after and stop and prevent credit card breaches, and responsibility for them, like you were saying, the consumer is never responsible for that. But now it’s not the bank, now it’s the retailer, as of this switch.
Schulz: Yeah. And it’s a big switch for the merchants, because the banks have always generally stepped up to assume that liability. But now the merchants really have that responsibility.
Froehlich: Okay. So what does this mean for consumers? They should be, first of all, on the lookout now, when they’re out and about shopping, and anywhere else they might use their credit card?
Schulz: Yeah. If you haven’t gotten one of these new cards yet, chances are you’ll probably get it in the mail pretty soon, probably by the end of the year. And if you have any questions about these types of cards, then you can call your bank, and there’s plenty of information on sites like CreditCards.com, too.
Froehlich: Okay. And you were just saying that debit cards will also be doing that. Credit cards will probably lead the way on that. But anything you use like that, as we go forward, you’re gonna look for that type of technology.
Schulz: Exactly. There are many more of the credit cards that are out there with the chips on them. Debit cards are moving out a little more slowly, but they’ll eventually come.
Froehlich: And it’s also important to note that, for whatever reason, if you don’t get this technology, or you don’t have this new card, your card, your existing card will still work until you get the new card.
Schulz: Yeah, absolutely. All these new terminals are still going to let you swipe your old magnetic stripe card. And in fact, even the new chip cards are still going to come with that magnetic stripe on the back because so many of these merchants won’t upgrade their terminals in time by the deadline.
Froehlich: And one more thing, too. You talk about this no consumer responsibility for any of this, but some people do tend to be more proactive than others. People can call and request these new cards to try and speed things along, if they want to. They don’t have to.
Schulz: Yeah, and the banks will be sending these cards to you in the mail, but if you’re eager to get one or you have any questions, it’s always a good idea to call your bank and be proactive.
Froehlich: Interesting times. As you go out, you’ll see some new devices when you’re in the checkout line. CreditCards.com again if you have any questions for more information.
Froehlich: Alright, Matt Schulz, thanks so much, we appreciate it.