EMV Chip Technology Myths Debunked
EMV chip technology has become ingrained in the U.S. payments infrastructure. Still, there are misperceptions about the technology, its security features and impacts on fraud. The U.S. Payments Forum released a guide today that provides accurate information for all stakeholders communicating about contact and contactless chip technology, including card issuers, retailers and the media.
“Debunking EMV Myths” can be downloaded here.
“Consumers in the U.S. are now used to paying with chip cards in stores for enhanced security, and contactless payments are starting to take hold for added speed and convenience. This is why it’s more important than ever that we’re all relaying reliable information about the technology and its security features,” said Randy Vanderhoof, director of the U.S. Payments Forum. “This guide separates fact from fiction to help payments providers and reporters put forward the most accurate information to the public.”
The resource answers these common questions regarding chip technology:
- Does EMV chip technology eliminate all payments fraud?
- Do chip card transactions use encryption?
- How does chip technology impact fraud liability between the merchant and issuer, and is the consumer ever liable?
- Is the use of a PIN necessary for chip technology to be effective?
- How has the implementation of chip technology impacted card-not-present (CNP) fraud?
- Can a thief electronically pickpocket your contactless card or device and create a counterfeit card that can be used successfully in stores?
- Can contactless card information be stolen and used to steal a consumer’s identity?
- Are fraudsters able to create usable counterfeit cards through shimming?
Additional resources on contact and contactless chip and other new and emerging technologies are available through the U.S. Payments Forum.