EMV™
EMV is a micro-chip payment standard created by Europay®, MasterCard®, and Visa® over 10 years ago and has been implemented globally. EMV payment cards improve security over magnetic stripe technology through an embedded computer chip.
EMVCo is the organization owned by the global brands that manages the standard for global inter-operability.
EMV payment cards improve security over magnetic stripe technology through an embedded computer chip.
- Card validation ensures the card is legitimate
- Cardholder authentication reduces fraud from lost and stolen cards
How EMV Works
When a Payment Card is inserted into a chip-enabled slot reader (contact) OR waved above the device (contactless):
- Data on the chip ensure the card is authentic
- Blocks the ability to copy the contents of the chip to another card
- Prevents the use of skimmed or counterfeit cards
- Blocks the ability to copy the contents of the chip to another card
- PIN or signature ensure that the person presenting the card is the rightful cardholder
- PIN applies to Credit and Debit cards
Liability Implications of EMV
In the U.S. today, fraud in a card-present environment is absorbed by the Bank/Issuer unless lthe merchant fails to meet POS acceptance and dispute resoltuion requirements. Losses are offset when dispute resolution requirements allow liability to be shifted through a "chargeback process" to the Acquirer/Merchant. Today the Merchant/Acquirer takes liabilty for merchant data breaches or skimming attacks.
Starting in October 2015 with EMV, card fraud is expected to migrate to the point of least resistance: the card-not-present environment and merchants that are not EMV capable.
Ignite Payments Fairmed Is Ready Now
We have the equipment and the skills to help you migrate now to become EMV-capable and avoid liablility for fraud charges.
Click here to read more details about EMV and how Ignite Payments Fairmed (FISERV) is ready now to provide EMV-capable terminals and help get you set up.
