The three major companies behind this technology, Europay, MasterCard, and Visa, are referred to as EMV. Rather than using the outdated swipe approach, these terminals handle payments from cards that have very tiny chips in them. An EMV terminal communicates with the bank when a consumer inserts their card to verify that everything is legitimate. The way the card and the bank work together is like a secret handshake that keeps thieves out.
Since 1993 EMV is using chip based master card payment system for authentication purpose . EMV card are utilized all around the world for reducing fraud card.It gives complete assurance against:
Fake and skimming – using cryptography
For every transaction there must be unique secure transaction
The technology used behind the card makes it impossible to replicate the card which reduces the risk of retrieving the fake cards.
