EMV is the global standard for credit and debit card payments based on chip card technology. The “chip” is a small, metallic square on your card that contains a microprocessor. This technology provides much stronger security and fraud protection than the old magnetic stripes because the chip generates a unique, one-time transaction code for every purchase, making it nearly impossible to counterfeit.
Frequently Asked Questions (FAQs)
- Why are chip cards more secure?
Unlike a magnetic stripe, which contains static data that can be easily copied (“skimmed”), the EMV chip creates a dynamic code for each transaction. Even if a fraudster were to intercept the data, it would be useless for making another purchase. - Does Charge for Stripe support EMV?
When accepting payments via Tap to Pay (contactless), the transaction uses the same secure, dynamic data principles as an EMV chip transaction, offering equivalent security. - What does “EMV liability shift” mean?
The liability shift is a rule set by card networks stating that if a fraudulent transaction occurs, the party (either the merchant or the issuing bank) with the less secure technology is held responsible for the loss. This was a major driver for EMV adoption.
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