EMV standards define the functional requirements that must be met by a Chip card and Chip-reading terminal. These international Chip card standards, developed by Europay, MasterCard and Visa, ensure that cardholders globally benefit from this security innovation. Thanks to EMV Chip technology, you can expect enhanced security and protection from fraud, greater transaction speed and convenience and ease of use.
Worldwide acceptance of Chip
More than 483.2 million Chip & PIN Visa cards have been issued globally, resulting in reduced credit card fraud in 113 countries* where Chip & PIN technology has been used.
International experience has shown that Chip & PIN cards offer additional card security. Fraud figures released on 14 March, 2007 by APACS, the UK payments association, show total card fraud losses fell by 3% in the previous year to approximately £428m (approx. $860m CAD) – a decrease of nearly £80m (approx. 160m CAD) over the previous two years**. The introduction of Chip & PIN cards has made it more difficult for fraudsters to commit card fraud in the UK, with losses at UK retailers down by 35% since 2005†.
Now, Canadian Visa card issuers have begun a large-scale rollout of Chip & PIN Visa cards to their existing cardholders. To ensure global acceptance of all Visa cards, the Chip & PIN Visa cards will continue to have a magnetic stripe along with a chip. Chip terminals will continue to accept both magnetic stripe and Chip & PIN Visa cards.