Visa Inc.said Wednesday that financial institutions have been issuing 5,000credit cards with embedded EMV chips perday since 2011 and there are 3.5 million of the cards being usednationwide.
EMV chips are computer chips programmed in accord with astandard developed by EuroCard, MasterCard and Visa. The cardssharply reduce counterfeit card fraud by generating a unique codewith each transaction, rendering stolen payment information uselessat the point of sale.
Credit unions have been among the first issuers of the cards,primarily to members who travel often overseas where the EMVstandard has become the norm.
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