EMV Processing
EMV Processing
EMV technology, developed in 1994 as a global standard for credit card security, utilizes embedded computer chips to authenticate and protect transactions. This innovation has transformed the U.S. payments industry by enabling chips to validate, store, and encrypt transaction data, enhancing security and reducing fraud risks.
Chip Card Technology & Security
The modern chip card standard is managed by EMVCo and is designed for card-present transactions, offering four key security functions:
- Card Authentication – Prevents counterfeit card fraud.
- Cardholder Verification – Protects against unauthorized use of lost or stolen cards.
- Terminal Authentication – Ensures secure transactions by preventing system tampering.
- Transaction Authorization – Follows issuer-defined security protocols for approval.
This advanced technology enhances payment security, reducing fraud risks and ensuring safer transactions.
Businesses are encouraged to adopt EMV terminals with point-to-point encryption (P2PE) to enhance security and simplify compliance. By minimizing PCI (Payment Card Industry) compliance costs, companies can quickly see a positive return on investment. The combined power of EMV, P2PE, and Tokenization provides peace of mind for financial, security, and operational leaders, allowing them to focus on business growth without the risk of compromised card data.
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