EMV

The nationwide shift to EMV is well underway.

EMV – which stands for Europay, MasterCard and Visa – is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions.is a fraud-reducing technology that can help protect issuers, merchants and consumers against losses from the use of counterfeit and lost or stolen payment cards at the point-of-sale.

Data Security

EMV cards are embedded with a microprocessor or smart chip that interacts with the merchant’s point-of-sale device to make sure that the payment card is valid and with the use of a PIN that it belongs to the person using the card.

Fraud Protection

This kind of chip technology adds layers of security against fraud and is virtually impossible to duplicate. At the moment of transaction- when the cardholder is most susceptible to fraud- an EMV cryptogram is what keeps sensitive data away from cyber-thieves.

If you received a new credit card from your bank recently, it may look like this:

EMVcreditcard

New cards now come equipped with a super-small computer chip that’s extremely hard to counterfeit.

What’s the name of this new card?
As the U.S. payment industry transitions to EMV technology, there’s a lot to adjust to, starting with what to call the new cards. They might be called any of the following terms:

  • Smart chip card
  • Chip card
  • Smart card
  • Chip-enabled smart card
  • Chip-and-choice card (PIN or signature)
  • EMV smart card
  • EMV card