LANSING - If you own a credit card, your financial institution may have issued you a new one, and that’s because starting on Oct. 1 credit cards switched to using the EMV chip.

The EMV chip stands for Europay Mastercard Visa, which is the system used in Europe. This technology is much safer because with every transaction, only limited information about your card info is shared. “Instead of swiping your card like you normally do now, you’ll put the card in, this way, in the terminal, and the chip will be activated, and it will need the information on the chip to run the transaction to your account,” said the CEO of MSUFCU April Clobes.

Since implementing this technology, Europe has seen an 80% decrease in credit card fraud, and starting Oct 1 liability will shift to the party that doesn’t use the new technology