Why EMV? - Reducing Credit Card Fraud with EMV | OT
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Why EMV?

WHY EMV?

It eliminates fraud at card present transactions, thanks to a secure technology. EMV payment technology is the proven solution against counterfeit card fraud.

WHAT IS EMV TECHNOLOGY AND WHY SHOULD I MOVE TO EMV?

It’s time to move to EMV payment! EMV reduces fraud at card present transactions because the EMV chip that stores the cardholder’s account details creates a unique encrypted code – or digital signature – for each transaction that cannot be reused or replicated.

MAIN EMV BENEFITS TO ISSUERS

  • Protects the issuer’s brand
  • Reduces financial exposure of issuer
  • Global interoperability
  • Efficiency in servicing low-value transactions
  • Ability to support credit and debit on a single card
  • New revenue opportunities exploiting the multi-applications capabilities of a chip card

HOW DOES EMV WORK?

EMV is a proven global security standard that reduces card-present fraud.

EMV is a global security standard that is used as the primary payment technology worldwide and is being rolled out by issuers in the United States.

EMV cards and EMV payment eliminate fraud from counterfeiting because of the combination of the computer chip on the card, called an Integrated Circuit Card “ICC”, and the EMV compatible terminal. Together they provide the opportunity to authenticate the card, verify the cardholder,and authorize the transaction. The chip stores a cardholder’s account details including cryptographic keys and certificates that are used to authenticate the card and create a digital signature. The digital signature is unique to the transaction and cannot be reused successfully. Consumers’ personal information is protected anywhere their cards are used.

MARKETING APPLICATIONS

In addition to added security, the move to EMV offers issuers a great opportunity to provide its customers with value added services that will help increase use and spend. Below are just a few opportunities.

EMV: A World of New Marketing Opportunities

CONTACT AND/OR CONTACTLESS (DUAL INTERFACE)

MULTI-FUNCTION/MULTI-APPLICATION CAPABILITY Loyalty, transit, physical or logical access control applications

SERVING ISSUERS’ MARKETING STRATEGIES Definition of behavioral EMV profiles for customers or portfolio segmentation (affluent, travelers, campus and youth)

DIGITAL & MOBILE PAYMENTS EMV can be applied to digital payments to protect users’ information and data when they connect, authenticate, and pay through their smartphone.



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