“On Oct. 1, 2015, the U.S. will become the last G20 country to transition to EMV technology, which leverages a chip in the payment card instead of a magnetic stripe to authenticate a transaction.
The benefit of EMV lies in the dynamic nature of the data; because the chip creates a unique code for each transaction, it isn’t possible for criminals to use stolen credit card numbers to create fake EMV cards like they can with magnetic strip cards.
As Ovum senior analyst Kieran Hines notes, it’s not going to be an easy or inexpensive change to make. "Migrating to the EMV standard involves replacing or modifying all mag-stripe only credit and debit cards, as well as the PoS (point-of-sale) terminals and ATMs that they are used in," he says.”
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