EMV stands for Europay, MasterCard and Visa. What is it and how will it affect you and your business?
U.S. banks will be switching to this new type of credit card by October of 2015. All cards will be equipped with a super-small computer chip that is extremely hard to counterfeit. Europe already has this technology in use in an effort to combat fraud. According to current statistics, the U.S. is currently the capital of credit-card fraud. Here is a link explaining the vulnerability of the U.S. to credit fraud that may help you understand the advantage of the new computer chip technology vs. the old magnetic strip technology: – http://www.businessweek.com/articles/2013-12-23/why-the-u-dot-s-dot-leaves-its-credit-card-system-vulnerable-to-fraud