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EMV Upgrade and Compliance FAQs 

Understanding EMV

EMV® is the accepted standard for credit and debit payment cards built on chip card technology developed by Europay, MasterCard, and VISA (EMVCo). According to EMVCo, there are approximately 1.2 billion EMV cards world-wide – the number of EMV cards in the US is essentially 0. EMV is an initiative to mitigate credit and debit card skimming and card duplication activities through the use of an integrated circuit chip (ICC) embedded on the face of the credit and debit card. Through the use of the ICC, skimming can be essentially eliminated, and at the same time, the ICC can enable services to the card holder such as stored value and loyalty programs. The US is one of the last major markets to adopt EMV. As such, the US has seen a rise in the number of reported card fraud cases. EMV looks to put an end to this. 

EMV chip-based payment cards, also known as smart cards, contain an embedded microprocessor. The microprocessor chip contains the information needed to use the card for payment and is protected by various security features, providing increased protection against counterfeit and lost and stolen card fraud by validating the card and the cardholder. Since EMV chip cards are a more secure alternative to traditional magnetic stripe payment cards, in 2010 MasterCard and VISA announced an EMV compliance deadline in late 2016, at which time EMV technology must be adopted at the ATM.

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