What is an EMV card?
EMV cards have computer chips embedded in them. They are widenly used in Europe and Asia and are currently being adopted in the U.S. Chip Cards better protect your account information from fraud.
The magnetic-striped credit and debit cards you are accustomed to contain "static" data, or payment data that does not change. The data stored in the magnetic stripes includes your 16-digit card account number, expiration date and 3-digit security code (CVC) like the one found on the back of your card.
Chip Cards contain the same data and more. Each purchase or transaction that you make generates "dynamic" or unique data that is encoded in a safe mode.
EMV helps protect you even if your card or your card data is lost or stolen. The technology:
- Makes it difficult for anyone but the rightful owner to use the card
- Protects against the creation of counterfeit cards because dynamic data is only good for a single purchase or use