What is EMV?
EMV stands for Europay, MasterCard & Visa, the three organizations that founded the initial standards ‘chip card’ transactions. Chip Cards, also called Smart Cards or EMV Cards are used around the world and provide a greater level of transaction security. The United States in now moving towards EMV with more card issuers issuing EMV Cards every day. If your bank hasn’t sent you one already, chances are you’ll have an EMV card in your purse or wallet before the end of 2015. The new EMV Cards will still have the black magnetic stripe you’re used to seeing on your cards today but the front of the card will now contain a chip which, when used in an ATM or Merchant Credit Card Terminal that’s been upgraded to accept EMV Cards, will allow for a more secure transaction.
Hyosung is Here to Help
We have designed multiple EMV upgrade solutions. Depending on your needs and your budget, choose the right option for you by visiting our EMV Upgrade Guide for more information.
Why upgrade to EMV
In the past, transaction liability (liability for fraudulent transactions) was always the responsibility of the card issuer. With the enhanced security provided by EMV, the card issuer can now push liability for fraudulent transactions down to the least compliant party. This is called Liability Shift and it means that, if the issuer has issued an EMV compliant card and that card is compromised and used in your non-EMV compliant ATM, YOU are now responsible for the full amount of the fraudulent transactions. These losses can be several thousands of dollars in a single day. If you ATM is EMV Compliant, you would not be liable for those transactions. The dates for the Liability Shifts are listed below
EMV Technical Information
EMV stands for Europay, MasterCard and Visa, a global standard for inter-operation of integrated circuit cards (IC cards or "chip cards") and IC card capable point of sale (POS) terminals and automated teller machines (ATMs), for authenticating credit and debit card transactions. It is a joint effort to ensure the security and global interoperability of chip-based payment cards.
The EMV standard defines the interaction at the physical, electrical, data and application levels between IC cards and IC card processing devices for financial transactions. There are standards based on ISO/IEC 7816 for contact cards, and standards based on ISO/IEC 14443 for contactless cards.
The purpose and goal of the EMV standard is to specify interoperability between EMV-compliant IC cards and EMV-compliant credit card payment terminals throughout the world.