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If you're getting ready for EMV or “chip” cards this year then you can feel confident that your business is moving in a positive direction towards security for you and your customers.

Magnetic stripe technology has been our staple for decades but with the rise of incidences of fraud, the change to EMV will be a leap forward for the US. Where EMV cards are used; e.g., Europe, there is substantially less fraud. The code in the chip adds an additional layer of powerful fraud protection that cannot be achieved with the magnetic stripe.


Guy Berg from Master Card explains why the legacy magnetic stripe card is less secure:
"The magnetic stripes on traditional credit and debit cards store contain unchanging data. Whoever accesses that data gains the sensitive card and cardholder information necessary to make purchases. That makes traditional cards prime targets for counterfeiters, who convert stolen card data to cash."

 

Core problems with "Mag Stripes":

1. Magnetic stripes are easily cloned
2. Terminals perform little or no risk assessment
3. The authentication data is static
4. Host cannot recognize cloned cards


If someone copies a magnetic stripe, they can easily replicate that data over and over again because it doesn't change. EMV cards provides unique card data to help eliminate theft, and bring US businesses up to speed with the most widely used credit card security technology to date.

Published in Blog