October 17th, 2018

What is EMV?

EMV stands for Europay, MasterCard and Visa and it is the global standard for credit cards equipped with chips, as well as the technology used by merchants to authenticate a transaction when a chip card is used.  As a result of a number of large-scale security breaches and increasing credit card fraud, the U.S. is following suit with dozens of countries that have already or are in the process of migrating to EMV.  What does all of this mean to consumers?  The most important thing to know is that EMV cards are more secure.  Rather than a magnetic strip, which contains sensitive cardholder information, a unique transaction code is created with a chip card each time it is used and no information is actually “stored” on your card.

Learn more about EMV in this creditcards.com article, or watch the short video below.

Category: Today's Hot Topics, Understanding Credit