Help CenterEMV stands for Euro-Mastercard-Visa
This technology, which originated in Europe more than ten years ago and is often known as "chip cards," is now widely utilized throughout the world. Using EMV technology, private credit card data can be kept on a tiny computer chip within the credit card rather than on the conventional, magnetic stripe card. This has a significant benefit:
It is significantly more difficult to counterfeit. However, a fraudster may easily reproduce magnetic stripes. A fraudster can make a digital copy of your card for future use by just taking it for a brief period of time (or by placing a "card skimmer" over an ATM). By delivering information to credit card terminals dynamically, which makes chip-copying exceedingly difficult, EMV significantly decreases this problem. In a nutshell, it almost eliminates the possibility of physical credit card fraud.
So what does this mean for you?
- If you decide not to accept EMV cards, you could be charged fees for any fraudulent sales that are processed through your account.
- Card-not-present fraud is not protected by EMV technology.
- Customer loss is a possibility.