Why We Need EMV?
Since the dawn of credit cards, magstripe has ruled the market as the primary method of cashless payments. Over the years, payment technology has evolved and so have the ways to steal that credit card information. This rise in cyber crime has resulted in a significant amount of credit card fraud. According to an article in Business Insider, credit card fraud cost the U.S. $7.9 billion in 2015 alone – a 60 percent increase from five years earlier.
This is where EMV comes into play. Here are three reasons why we need EMV in the U.S.
EMV helps curb credit card fraud
According to a 2014 study by Aite Group, counterfeit credit card fraud in the U.K. fell 56 percent since the country rolled out EMV cards in 2005. In Australia, counterfeit fraud is down 38 percent and in Canada, it’s down 49 percent 3
EMV’s global interoperability
EMV is a global standard and will be for years to come. ISVs can help U.S. merchants with EMV-enabled payment solutions to align themselves with this global payment method. This will also help attract visitors from countries where EMV is the norm, as most foreign customers expect to use their chip cards and are often reluctant to revert to magstripe cards.
EMV is more secure than magstripe
An EMV card used at an EMV-enabled terminal is more secure than magstripe due to the unique code generated for each transaction and validated by the bank.
Please refer ISO to the following link(s) for proper guidance on how to use their marks: http://www.emvco.com/terms.aspx
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