6 Quick Facts About EMV
- EMV stands for Europay, MasterCard and Visa
- EMV is a payment system that uses small chips or microchips instead of a traditional magstripe
- Chip based cards were not originally produced to fight fraud, but to help provide authorizations on unstable networks and infrastructure in Europe
- Due to regulatory and technology challenges, Visa and MasterCard have postponed liability for automated fuel dispensers from October 2017 to October 2020, meaning gas stations with pay at the pump have three more years to update their pumps to be EMV compliant to avoid liability for fraudulent charges.
- EMV is estimated to reduce lost/stolen card fraud by up to 95%
- Contactless EMV, Apple Pay, for example is growing every day and is an extremely secure way to accept credit cards due to its tokenization and authentication.
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