That makes it much more difficult for malicious actors to counterfeit your card. When you make a purchase via EMV card, the merchant never receives or transmits your actual card number. These chips create a one-time-use code when inserted into an EMV reader: using that code to process a payment instead of the card number printed on the card. One of the main benefits of EMV chip technology is protecting cardholders' credit card information. Once commonplace, counterfeit fraud - in which a cardholder's information is collected, stored and reprinted on a different card - has declined sharply since EMV chip technology began to appear.Īccording to Visa, counterfeit fraud dropped 76% between 20 among merchants who adopted EMV card readers. ![]() ![]() These chips can only be authenticated by special readers, making them more secure than stripe-only cards.Ī primary benefit of EMV chip technology is preventing counterfeit fraud. What is EMV chip technology?ĮMV is short for Europay, Mastercard and Visa: the three companies that created the EMV standard.ĮMV cards store cardholder information on a metallic chip instead of in a magnetic stripe. Many merchants now require consumers to pay with the EMV chip instead of swiping their card. ![]() ![]() EMV chips, which come standard in many new credit and debit cards, supplant the magnetic stripe on the back of the card with a more secure data-storage technology.
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