EMV


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EMV

(Europay, MasterCard and Visa) The international standard for smart credit and debit cards that have a built-in microprocessor (chip cards). Governed by EMVCo LLC. (www.emv-usa.com), the EMV smart card provides greater safety than a magnetic stripe card because it uses more sophisticated security methods. EMV supports encryption as well as tokenization, which dynamically assigns a number to the transaction in order to hide the customer's card number (primary account number).

Authorization Methods
When making a purchase, Chip and PIN systems require card holders to enter their personal identification number (PIN) into the merchant's terminal. Chip and Signature requires a user's written signature. See smart card and gold chipped supercomputer.
References in periodicals archive ?
The guidelines also mandated that banks that fail to shift to the EMV technology would have to set up funds for probable fraud losses.
The regulatory requirement to shift to EMV or the Europay Mastercard Visa is part of the banking industry's move to provide clients wider protection against fraudulent activities usually carried out in electronic banking channels.
The regulatory requirement to shift to EMV, or the Europay, Mastercard and Visa standard, is part of the banking industry's move to provide clients wider protection against fraudulent activities usually carried out in electronic banking channels.
The growth of EMV use in the United States has spawned a series of changes in how American shoppers make purchases.
The bank has partnered with Oberthur Technologies on the EMV issuance.
According to the 2016 EMV cards market report, one of the key drivers for market growth will be the need for tamper-resistant payment systems.
Although EMV technology is designed to prevent fraud, the switch to chip-enabled credit cards will cause fraud to increase in the short term.
The fact that grocery stores have not implemented EMV is not necessarily due to their lack of readiness.
SmartMetric's biometric payments card solution adds to EMV Chip cards a strong biometric layer of security and works with existing chip card readers in retail stores and ATMs without the need for additional hardware or systems at the bank.
EMV was developed to try to mitigate card-present, point-of-sale fraud.
According to Main Street, its EMV architecture allows gateway operators, merchants and application software developers to quickly and easily deploy certified, EMV-enabled integrated point-of-sale solutions.
It's important to consider the day-today impact that the EMV transition will have on consumers.