EMV
Article
EMV is short for Europay, Mastercard and Visa: the three companies that created the EMV standard.
EMV cards store cardholder information on a metallic chip instead of in a magnetic stripe. These chips can only be authenticated by special readers, making them more secure than stripe-only cards.
A primary benefit of EMV chip technology is preventing counterfeit fraud. Once commonplace, counterfeit fraud — in which a cardholder's information is collected, stored and reprinted on a different card — has declined sharply since EMV chip technology began to appear.
According to Visa, counterfeit fraud dropped 76% between 2015 and 2018 among merchants who adopted EMV card readers.
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