EMV (Europay, Mastercard, and Visa)
EMV — an acronym for Europay, Mastercard, and Visa — signifies a globally recognized standard for credit and debit payment cards based on chip card technology. This standard was initially conceived and created by the three titular companies.
EMV chip cards represent a substantial security upgrade from the traditional magnetic stripe cards. Instead of storing static user information on a magnetic stripe, these chip-embedded cards generate a unique transaction code for each transaction.
This code is not reusable, which drastically reduces the potential for fraudulent transactions. Even if a fraudster intercepts the code, it cannot be used to carry out another transaction, making it virtually impossible to create counterfeit cards.
Thus, EMV technology has significantly enhanced the security of card-based transactions and added an extra layer of protection for both consumers and businesses.