Chip Cards (EMV)
EMV is the international standard for Chip Card technology and was formed in the mid-1990s by Europay, MasterCard® and Visa®. EMV is also known as “Chip Cards”, “Smart Cards” or sometimes “Chip and Pin”.
EMV protects against counterfeit fraud through authentication of dynamic data residing on chip cards, smart phones and other devices that are EMV-compliant. Counterfeit fraud is growing in the United States. With the rest of the world either in the process of migrating to or already migrated to EMV, counterfeit fraud in the U.S. will become a primary target for fraudsters.
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How does EMV work?
- An EMV card is inserted into a new EMV enabled terminal.
- The terminal physically makes contact with the chip and provides enough power to allow the card to perform the necessary processing.
- The card and the terminal have a “conversation” to determine how to process the transaction.
- The card’s embedded chip contains encrypted data, accessed by the reader in the terminal.
- The terminal uses the card data to create and send a unique code to the processor’s host during the transaction, validating the card.
- The card is removed when the transaction is completed.
If you are ready to upgrade your equipment and become EMV compatible, please contact Uwharrie Bank so that we may assist you.
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