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What is chip technology and how does it protect against fraudulent charges?

Curious about Fraudulent charges

What is chip technology and how does it protect against fraudulent charges?

Chip technology, also known as EMV (Europay, Mastercard, and Visa), is a security standard that uses microchip technology embedded in credit and debit cards to provide enhanced protection against fraudulent charges. The chip generates a unique code for each transaction, making it much more difficult for criminals to counterfeit cards or make unauthorized transactions. This technology also requires a PIN or signature for verification, which adds another layer of security compared to traditional magnetic stripe cards. Chip technology has become increasingly common in India and around the world, and is one of the most effective measures to prevent fraudulent charges.

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