Ellen Richey, Visa’s chief enterprise risk officer, explains the benefits of EMV credit card chip technology. Bloomberg

Over the past few years, chip-based have become almost universally issued in the U.S., so if you’re reading this and have a credit or debit card, there’s a good chance that it has a chip in it.

Technically, these credit cards with chips are known as EMV cards. This originally stood for “Europay, Mastercard and Visa,” which were the companies that developed the standard for the technology.

In a nutshell, have a small microprocessor that generates a one-time code for every transaction. In other words, instead of a magnetic stripe encoded with your credit card number,