What is EMV?
Named after card issuers Europay, MasterCard and Visa- EMV is a chip based card rather than magnetic stripe. As opposed to magnetic stripe technology, a chip is extremely difficult to crack; card authentication and PIN verification are performed automatically and objectively by the chip. An important aspect of EMV is its use of dynamic data. Each transaction carries a unique ‘stamp’ which prevents the transaction data from being fraudulently reused, even if it is stolen from a merchant’s or processor’s database.
Secure EMV payments are coming to the United States! Payment brands have announced their roadmaps to accelerate adoption through merchant incentives, processing infrastructure migration and fraud liability shift. The migration to EMV will:
- Reduce counterfeit card fraud
- Enable cardholders to use secure EMV payment cards globally
- Prepare for NFC mobile contactless payments
The increased protection from fraud has allowed banks and credit card issuers to push through a ‘liability shift’ such that merchants are now liable for any fraud that results from transactions on systems that are not EMV capable.
Call us today for a free quote on a EMV compliant terminal.