EMV cards are embedded with a microprocessor or smart chip that interacts with the merchant’s point-of-sale device to make sure that the payment card is valid and with the use of a PIN that it belongs to the person using the card.
This kind of chip technology adds layers of security against fraud and is virtually impossible to duplicate. At the moment of transaction- when the cardholder is most susceptible to fraud- an EMV cryptogram is what keeps sensitive data away from cyber-thieves.
Starting in 2011, the four major payment brands introduced their roadmaps for EMV technology and encourage its adoption.
First Data met this milestone and is already approved by MasterCard, Visa, Discover and American Express in the US as a transaction processor and is processing EMV transactions for one large retailer on U.S.–based chip cards.
In April 2013, the first domestic milestone required processors like First Data to accept EMV–based payments from merchants.