In previous posts we provided information about Chip and PIN payments and their use throughout Europe to reduce fraud. EMV® is a global standard for credit and debit payment cards based on chip card technology. The standard covers the processing of credit and debit card payments using a card that contains a microprocessor chip at a payment terminal. A recent Federal Reserve article “Retail Payments Risk Forum Working Paper” pointed out that “Transactions conducted with EMV chip-embedded cards that use PIN verification are more secure than transactions conducted using magnetic stripe technology.”
With MasterCard and Visa announcing roadmaps for EMV adoption in the U.S. it appears we’re on the path to embracing the global standard.
Let’s Get Mobile! Contact DecisionPoint Systems, Inc. for additional information about EMV and Chip and PIN payments.