You may have noticed the Possible card is a chip card. Chip Cards have been an acceptable international standard for debit and credit purchases since the technology was introduced by Europay, Mastercard, and Visa and made popular in Europe. They were officially adopted in widespread use by the United States in 2015 as a fraud prevention measure for consumers.

Every time you dip your chip card into a merchants' payment processor, the chip creates a one-time transaction code. This code is then used to verify your card's authenticity by confirming the encryption key within the chip. This is what makes fraudulent activity more it more difficult using a chip card. The magnetic stripe on your card is not able to create the same one-time transaction code when using a payment processor, which increases the chances of outdated technology being used to make you liable for fraudulent purchases.

While we recommend using the chip whenever possible, you can still use the magnetic strip on your Possible card in cases where merchants are unable to use a chip reader for payments. For phone and online transactions, you can simply add your card number, and any other requested info such as your expiration date, and proceed to completing your purchase.

Was this article helpful?
0 out of 0 found this helpful



Article is closed for comments.