I'd like to thank Wikipedia for this info.
What is EMV? EMV stands for Europay, MasterCard and Visa, a global standard for inter-operation of integrated circuit cards (IC cards or "chip cards") and IC card capable point of sale (POS) terminals and automated teller machines (ATMs), for authenticating credit and debit card transactions.
What about EMV in Card Not Present Situations? Visa and MasterCard have developed standards for using EMV cards in devices to support card-not-present transactions over the telephone and Internet. MasterCard has the Chip Authentication Program (CAP) for secure e-commerce. Its implementation is known as EMV-CAP and supports a number of modes. Visa has the Dynamic Password Authentication (DPA) scheme, which is their implementation of CAP using different default values.
Why should I, an online merchant, care about EMV? The supposed increased protection from fraud from EMV has allowed banks and credit card issuers to push through a 'liability shift' such that merchants are now liable for any fraud that results from transactions on systems that are not EMV capable. This is true as 1 January 2005 in the EU region and it is supposedly coming to the US in "two years", ie 2016. (Note, I don't have a source for this.)
Post a Comment