OK so Paypal said they will embed a secure chip onto the Paypal related credit card, this will prevent fraud? I don’t know about this, for sure it will make it harder for fraud, but I don’t think it’s bullet proof. There will be always someone out there can break the code if they want to. It is good that Paypal is always trying to be on top of security. Hopefully one day they will adopt Bitcoin or invest Bitcoin and make it more secure.
EMV: changing the way you get paid.
In case you haven’t heard, US card payment security is getting an upgrade. Thanks to EMV technology, soon every credit and debit card will come with a microchip designed to prevent fraudulent transactions. And that’s good news for you and your customers. PayPal and PayPal Here are already helping merchants with EMV in other countries, and we’ll be with you every step of the way as it rolls out in the US in 2015.
What is EMV?
Named for Europay, MasterCard,® and Visa,® EMV is a new US card payment technology with a chip designed to enhance security and decrease fraud.
What happens October 1, 2015?
The liability for fraudulent charges made on a non-EMV-compliant card reader shifts from the card industry to merchants that accept card payments.
What do I need to do?
Learn more about your options at PayPal’s EMV website and keep checking back for updates. We’re already managing EMV compliance globally, so we have the know-how your business can count on.