SAN FRANCISCO (CBS SF) — The magnetic strip on the back of credit and debit cards going the way of 8-track tapes and dial-up Internet soon.
After October 1, card companies are shifting to EMV technology and replacing the magnetic strips with microchips.READ MORE: Lockdown-Violating Underground Gatherings Investigated Over Recent Spate of San Jose Shootings
Instead of swiping cards, consumers will ‘dip’ them to pay for goods and services.READ MORE: The Game Changer: New Test Helps Doctors Find Hidden Prostate Cancer
The new technology is supposed to reduce fraud.
EMV stands for ‘Europay, MasterCard, and Visa.’ The microchips are already being used in Europe and other parts of the world.MORE NEWS: Oakley School Board Interim Trustees Vote to Fill Vacant Seats; Reject Special Election
Companies will be mailing replacement cards to consumers.