![]() A merchant can lose revenue associated with the fraudulent purchase and possibly future business from the cardholder.ĮMV cards are smart cards (also called chip cards or IC cards) because they store their data on integrated circuits. In most cases, the issuer will have to close the account and in doing so may risk losing cardholder accounts. When counterfeit or lost and stolen fraud does occur, cardholders may lose trust in their card product, their bank, and in the merchant where the fraud occurred. EMV technology was created primarily to prevent credit card fraud. EMV chips encrypt bank information making it far more secure than the old magnetic-stripe cards. It is a global standard for credit cards that use computer chips to authenticate chip-card transactions. ![]() EMV Compliance: What You Need to Know What is EMV?ĮMV ® technology was developed and managed by American Express, Discover, JCB, Mastercard, UnionPay, and Visa.
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