Chip Card- Smart Card- EMV Card
What? EMV Card?? EMV (the original name for this technology) stands for “Europay, MasterCard and Visa” (the three companies that developed this card with the chip).
It is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. These cards have a small metallic square containing an integrated circuit (computer chip) that creates a unique transaction code each time they are read. This dynamic data can only be used once – making it very difficult for hackers to copy and duplicate your information. It is important to note that NO personal information is stored on these chips; they simply provide a means to authenticate the card.
EMV cards have been used abroad for years and have significantly reduced counterfeit cards. They will not eliminate all fraud but will make it more difficult to profit from theft. The USA is currently converting to Chip-and-Signature cards, which will work just like our previous credit cards. It is expected that within a few years we will move to Chip-and-PIN cards; similar to debit cards. These cards will be even more secure since they will
require the use of a Personal Identification Number (PIN) whenever the card is used.