Will EMV save the world?

October 27, 2015 by Keir Breitenfeld

What will the EMV shift really mean for consumers and businesses here in the U.S.?

Businesses and consumers across the U.S. are still adjusting to their new EMV credit cards. The new credit cards are outfitted with computer chips in addition to the magnetic strips to help prevent point-of-sale (POS) fraud. The new system, called EMV (which stands for Europay, MasterCard and Visa), requires signatures for all transactions.

EMV is a global standard for credit cards. In the wake of the rising flood of large-scale data breaches at major retailers – and higher rates of counterfeit credit card fraud – chip-and-signature, as it is also called, is designed to better authenticate credit card transactions. Chip-and-signature itself is not new. It has been protecting consumers and businesses in Europe for several years and now the U.S. is finally catching up.EMV Shift Basics

But what will the EMV system really mean for consumers and businesses here in the U.S.? There is the potential for businesses that sell both offline and online, to see an increase in fraud that takes place online called Card Not Present (CNP) fraud.

  • Will credit card fraud ever really be wiped out?
  • Can we all stop worrying that large-scale point-of-sale breaches will happen again?
  • Will the EMV shift affect holiday shopping and should retailers be concerned?

Join us as we explore these questions and more on an upcoming Webinar, Chipping Away at EMV Myths.

Our panel of experts includes:

  • David Britton, Vice President, Industry Solutions, Experian
  • Julie Conroy, Research Director, Aite Group
  • Mike Klumpp, Director of Fraud Prevention, Citibank
  • Moderated by: Keir Breitenfeld, Vice President, Product Management, Experian