EMV mainly stands for Europay, Master Card, and Visa card and is considered the best secure and safe method in online and mobile payments. The main activity of this card is to hold the data during the transaction process, and a smart chip is used instead of a magnetic stripe. EMV chip cards are introduced in the U.S. with great value to reduce fraud and manage safe and secure transactions or payments.
Additionally, payments networks, issuers, and merchants are migrating to this particular technology of EMV to reduce fraud in the U.S. This specific smart chip has effective power to allow applications for managing advanced authentication. Alongside, an EMV card can manage data encryption, generate unique code, and perform cryptography during transactions. Besides, it is virtually impossible to counterfeit this chip card by using tampers and clones.
Nowadays, EMV technology is growing fast worldwide; with nearly 100% coverage in Canada and Europe, the U.S. mostly adopts EMV cards. A million cardholders of the U.S. focus on reducing fraud; 75% of the users were accepting EMV cards by 2019. Furthermore, skimming creates deception regarding credit cards, where the data regarding the cardholder is swiped. In the case of credit card fraud, the U.S. has ranked 3rd in the world in 2018. In 2022, with the development of technology, the public’s safety is affected by the attackers, where fraud regarding several transactions has become the most common cause. Attackers are always ready to steal money through different types of unauthorized activities.
In such circumstances, EMV chips’ implementation increases unexpectedly as microcomputer chips are included in the EMV cards. Moreover, Chip-and-signature, chip-and-PIN cards are implemented. In contrast, the Chip-and-signature card is preferred in the U.S. as the name authentication protocol is too protective from other frauds. In such accordance, for a contactless transaction, EMV cards play a significant role in preventing attacks and scams.