#EMV CREDIT CARD TERMINAL SOFTWARE#
#EMV CREDIT CARD TERMINAL CODE#

#EMV CREDIT CARD TERMINAL CODE#

Online transactions, for example, do not benefit from the technology because an e-commerce transaction usually does not require that a card be inserted or swiped into a point of sale terminal (which would allow for the micro-chip’s unique code generation). EMV technology, however, is only helpful in preventing fraud where the card is present. By requiring a microchip that generates a random code for each transaction, card brands have made it almost impossible to create a counterfeit card. Those counterfeit cards are then often sold or used as part of identity theft and dark web crime rings. Why was EMV created? EMV was created because criminals/hackers were stealing credit card information, selling it, and using it to create counterfeit credit cards.

It is this inability to make counterfeit cards that makes EMV technology so important to the card brands and issuing banks. Because the code changes with each transaction, even if a thief steals the information contained on the magnetic stripe of the credit card, he cannot create a counterfeit card because he cannot replicate the codes generated by the microchip. The code is shared with the issuing bank as part of the transaction to authenticate that the card is legitimate. Unlike your typical credit card, credit cards with an EMV chip generate a different code with every purchase a consumer makes. What is EMV? EMV (EuroPay, MasterCard, Visa) is a payment method that combines a plastic card with a microchip.

#EMV CREDIT CARD TERMINAL SOFTWARE#

The liability shift is an appealing incentive to adopt the technology, but many merchants have been reporting difficulty finding EMV software that works properly with the EMV hardware. SPOILER ALERT: EMV is effective in reducing the risk of fraud from counterfeit payment cards used for in-person transactions, but the best way to minimize payment card fraud is through implementation of point-to-point encryption and tokenization. This blog post will discuss how EMV works, why it was adopted, how merchants can comply with its requirements, the incentives to adopt (and penalties in failing to adopt) the technology, and the security pros/cons of EMV. The card brands hope that EMV technology will significantly reduce the amount of fraud in transactions where the payment card is present. The technology is called “EMV” (EuroPay, MasterCard, Visa). Any company that accepts credit cards as a form of payment needs to know about it if they intend to continue accepting payment cards in the future. A significant change is happening to payment card technology.

Emv credit card terminal