WHAT IS EMV?
EMV, an acronym of Europay International, Mastercard and Visa, joined in 1994 to provide a worldwide standard for the interaction between chip-based "smart-cards" and approved payment devices. It is a security framework that defines the payment interaction at the physical, electrical, data and application levels between the chip cards and the payment device. Also know and "Chip and PIN" in the UK, it's the name for the technology that enables payments using a smart card with a chip inside of it.
HOW DOES IT WORK?
Smart cards are embedded with a chip that is encrypted with data. EMV-enabled devices have the ability to read data stored on a chip within the card. During the transaction authorization process, strong cryptographic functions are used to validate the authenticity of the card and cardholder.
Best of all, when a customer pays using an EMV-enabled device, the device is instantly identified as an authentic, approved payment instrument through a process called dynamic authentication. When used with a PIN, the chip proves that the customer is paying with his or her own card.
INTEGRATION INTO THE USA
Security is everything we do. EMV adoption will reduce credit card fraud and provide many benefits to acquires and merchants.
WHAT ABOUT PCI COMPLIANCE?
Merchants will still need to hire a QSA to perform the annual PCI compliance validation.
EMV IS SUPERIOR, BUT NOT SECURITY-PERFECT.
- EMV is a framework of supporting technologies, with a varying number of implementation options. Not every implementation will be bestcase from a security perspective.
- With or without EMV, PAN data is still vulnerable and must be protected by some form of end-to-end encryption.
First Data provides Tokenization and sophisticated encryption to secure cardholder information, from insertion to processing and back. Call us to see how First Data can help secure your credit card transactions and your business.