EMV

The global standard for chip-card authentication. EMV chip cards generate a unique cryptogram per transaction, making them counterfeit-resistant. Liability for counterfeit fraud at non-EMV-capable terminals shifts to the merchant under the EMV liability-shift framework adopted across the EU since 2005 and the US since 2015.

In practice.

EMV is the chip standard behind card-present security and the root of the EMV 3DS naming online. For merchants the practical legacy is the liability framework: compliant acceptance technology shifts counterfeit and fraud liability away from you.

Related terms: Chip and PIN · Liability shift · Card-Present