EMV (Europay, MasterCard Visa) is a global standard for secure payments and has already been deployed in more than 80 countries.
In the United States (US) consumers have traditionally used cards with a simple swipe. Unfortunately, magnetic stripe cards have proven susceptible to counterfeit fraud. EMV cards will be equipped with a “smart chip” allowing for more sophisticated authentication than magnetic stripe cards. The chip is tamper-proof, making the card nearly impossible to clone.
EMV cards have been circulating in the US since 2010 and issuers are gearing up for EMV migration quickly. Dealers will need upgraded Point of Sale (POS) terminals and software in order to process EMV payments. Dealers will need to install these payment systems (in store) to accept EMV cards prior to the liability shift taking effect on October 1, 2015 in order to be protected from counterfeit transaction liability. This liability, which historically has been assumed by the card issuer, will be absorbed by the party that does not enable EMV during the fraudulent transaction. The deadline for installing EMV-capable POS devices at the fuel pump is October 1, 2017.