EMV, which stands for Europay, MasterCard, and Visa, refers to the chip and PIN credit card technology commonly used in Europe and elsewhere around the world. Credit cards that incorporate an embedded microprocessor chip are far more secure than any other form of credit card currently available, including the standard magnetic striped cards that are all too easy to skim at ATMs and point of sale terminals.
Major banks and retailers are now pushing very hard to make EMV the new standard in the United States. Implementation should occur in 2015, Visa announced plans to expand their Technology Innovation Program to the U.S., which will encourage retailers to support cards with microchips by “[eliminating] the requirement for eligible merchants to annually validate their compliance with the PCI Data Security Standard for any year in which at least 75% of the merchant’s Visa transactions originate from chip-enabled terminals.” This will go into effect October 1, 2012 for merchants whose point-of-sale terminals accept both contact and contactless chips.
PCMag reported MasterCard followed Visa’s lead stating that it too intends to move U.S. consumers onto so-called chip-and-PIN technology. MasterCard, like Visa, also said that it is preparing for a world where consumers will pay in stores, online, and via mobile devices.
Another method of credit card fraud prevention is device reputation technology. It works to prevent all types of fraud and abuse on the Internet, including account takeovers, which occurs when your existing bank or credit card accounts are infiltrated and money is siphoned out. Iovation the leader in device reputation helps prevent new account fraud, which refers to financial identity theft in which the victim’s personal identifying information and good credit standing are used to create new accounts, which are then used to obtain products and services. Stolen Social Security numbers are often used to commit new account fraud.
Robert Siciliano, personal security and identity theft expert contributor to iovation. He is the author of 99 Things You Wish You Knew Before Your Mobile was Hacked! See him knock’em dead in this identity theft prevention video. Disclosures.
ROBERT SICILIANO, CEO of IDTheftSecurity.com is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds. His "tell it like it is" style is sought after by major media outlets, executives in the C-Suite of leading corporations, meeting planners, and community leaders to get the straight talk they need to stay safe in a world in which physical and virtual crime is commonplace. Siciliano is accessible, real, professional, and ready to weigh in and comment at a moment's notice on breaking news.
- Banks and Credit Card Issuers Move Toward Chip and PIN
EMV, which stands for Europay, MasterCard, and Visa, refers to the chip and PIN credit card technology commonly used in Europe and elsewhere around the world. Credit cards that incorporate an embedded microprocessor chip are far more secure than any other form of credit card currently available, including the standard magnetic striped cards that are
- Security Benefits of EMV for Consumers
Major banks and retailers are now pushing very hard to make EMV the new standard in the United States. Visa announced plans “to accelerate the migration to contact chip and contactless EMV chip technology in the U.S. The adoption of dual-interface chip technology will help prepare the U.S. payment infrastructure for the arrival of Near
- Travel Smart With EMV Technology
Frequent fliers accustomed to traveling internationally for business are helping drive demand for EMV cards within the United States. Business travelers who have found it increasingly difficult to use their magnetic stripe cards while abroad are now requesting that American banks provide EMV, or chip and PIN cards, which are used more commonly in Europe
- The Evolution Of Online Fraud Prevention
Around 1994, when I operated a small mail order catalog business, it was very difficult to obtain “merchant status,” or approval to accept Visa, MasterCard, Discover, and American Express cards. It was easier if you had a storefront, but payment processors made mail order businesses jump through more hoops. Their main concern was that companies could
- Card Not Present Transaction Fraud can be stopped
Credit card fraud, despite measures to stomp it out, still runs rampant in America. Forty-seven percent of credit card fraud consists of card-not-present (CNP) fraud. This includes payments via snail mail, phone and Internet. The U.S. is headed towards EMV (chip) card technology, notes Scott Zoldi in FICO’s Banking Analytics Blog. Though chip-based authentication technology may