Credit Card Technologies Advance with Embedded Chips (EMV) for Better Security

Credit card fraud is a massive problem, costing vast amounts of money each year. Fraud losses on credit card accounts totaled $31.26 billion according to the Nilson Report 2018. Every dollar of card fraud cost banks and credit unions approximately $2.92 in 2018, up 9.3% over 2017. One of the largest challenges lies in the vulnerability of the credit card account number. Unfortunately, thieves have frequently been able to hack into computer databases containing account information for millions of credit cards.

Credit cards utilize some of the most sophisticated communications technology in the world of business. For example, Visa transactions soar along millions of miles of fiber-optic cable. Charges made in almost any location around the globe can be processed across phone and data lines to one of dozens of Visa data centers, and then authorized by the issuing bank while the approval is sent back to the point of purchase with an average elapsed time of two seconds. Visa’s enhanced network has the capability of handling tens of thousands of transactions per second.

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Credit Card Technologies Advance with Embedded Chips (EMV) for Better Security, Business and Industry Trends Analysis

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