EMV Chips Don't Stop Credit Card Fraud
New Study: EMV Cards Still Subject to Fraud
Whether you know it or not, you probably have an EMV card in your wallet. EMV cards, named for the joint development with Europay, MasterCard, and Visa, incorporate a computer chip into the physical card.
When scanned using an EMV-capable chip reader, the card generates a unique code for each transaction. Anyone stealing information at the point of sale gets a code that's useless for future transactions – compared to the old magnetic stripe technology that transferred the same information each time. Magnetic stripe information can easily be stolen and counterfeited, while EMV cards are basically counterfeit-proof.
EMV cards were touted as a great defense against credit card fraud. Initial results were promising, as...
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