Europay, MasterCard and Visa

Europay, MasterCard^® and Visa^® (EMV)

What is EMV?

Around the globe, the credit card industry has been working to find ways to reduce fraud through the adoption of EMV (Europay, MasterCard and Visa) cards –cards with an embedded chip on the back that replaces the magnetic strip. While it’s easy to copy information from a magnetic strip card and rewrite it to another card, the same is not true for chip cards as they are encrypted and can’t be copied.

Starting October 2015, issuers and merchants that continue to process cards with a magnetic strip will assume liability for counterfeit transactions under the Payment Networks’ Liability Shift. While issuers and merchants aren’t required to make the switch to EMV cards/terminals, if they don’t, they will be liable for fraudulent charges.

How it works

Instead of swiping their card and signing a receipt, the customer inserts their card into the card terminal – where it stays for the duration of the transaction. The embedded microchip generates a unique one-time use code for each transaction. Since the code changes with each transaction, even if the card data is stolen, the information can’t be used to create counterfeit cards because the code would have already “expired.”

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