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The Pros and Cons of EMV Technology

In most retailers today, customers don’t swipe a credit card’s magnetic stripe and sign a receipt to pay for goods and services. They now insert the card’s embedded chip into a point-of-sale terminal. In some cases, they also input a personal identification number. For credit card companies and banks, this is the world as it should be. As of Oct. 1, 2015, U.S. merchants are now liable for any fraud that results from transactions on systems that are not EMV capable. EMV stands for “Europay, MasterCard and Visa,” the three companies that created the international standard to authenticate transactions. It’s been in place in the European Union since 2005.

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