Does the move to chip mean that the magnetic stripe is not secure?
Magnetic stripe technology continues to be a safe form of electronic payment; in fact 99.99 per cent of all transactions are processed over the Interac network without incident. The migration to chip card technology represents an evolution of the electronic payments system designed to make an already safe payments system even more secure.
Cardholders should have full confidence in the security of magnetic stripe cards. The migration to Chip technology represents a forward–looking evolution of electronic payment systems designed to make an already safe payment system even more secure. During the transition period to Chip, magnetic stripe cards will continue to provide Canadians with a safe, reliable and convenient method of payment. In addition, cardholders can be confident in the protection afforded by the added security features offered by individual payment card companies.
Cardholders should have full confidence in the security of magnetic stripe cards. The migration to chip technology represents a forward-looking evolution of electronic payments systems designed to make an already safe payments system even more secure. During the transition period to chip, magnetic stripe cards will continue to provide Canadians with a safe, reliable and convenient method of payment. In addition, cardholders can be confident in the protection afforded by the added security features offered by individual payment card companies.
