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What is EMV?What is EMV?
New Standard in “Chip Card” New Standard in “Chip Card” Technologies Replacing Magnetic Technologies Replacing Magnetic Strip CardsStrip Cards
Originally devised by Originally devised by Europay, Europay, Mastercard and VisaMastercard and Visa
100 Countries in 2004 using the 100 Countries in 2004 using the technologytechnology
What is Chip and Pin?What is Chip and Pin?
An initiative to An initiative to implement the EMV implement the EMV standard for secure payments in standard for secure payments in the U.K.the U.K.
Tested in Northampton in May 2003Tested in Northampton in May 2003 Rolled out in 2004Rolled out in 2004 Mandatory from January 2005Mandatory from January 2005
What are Magnetic stripe What are Magnetic stripe Cards?Cards?
Card Capable of storing data on a Card Capable of storing data on a Magnetic StripeMagnetic Stripe
The first modern charge card was The first modern charge card was issued by Diner's Club in 1950 issued by Diner's Club in 1950
Can be more easily copiedCan be more easily copied Magstripe can be damaged over Magstripe can be damaged over
timetime
Credit Card Fraud…Some Credit Card Fraud…Some FactsFacts
Fraud Fraud costing the industry over costing the industry over £400million a year in 2002£400million a year in 2002
Several Fraud Techniques Several Fraud Techniques commonly used:commonly used:
1.1. SkimmingSkimming
2.2. Shoulder SurfingShoulder Surfing
3.3. Card TrappingCard Trapping
How it WorksHow it Works
The System Utilises Two-factor The System Utilises Two-factor authenticationauthentication
Card read by portable or connected Card read by portable or connected consoleconsole
TransactionTransaction Authorised with end Authorised with end users PIN instead of a signatureusers PIN instead of a signature
The Pro’s…To the BanksThe Pro’s…To the Banks
Decreased liability for banksDecreased liability for banks Reduced costs in authorisation callsReduced costs in authorisation calls Security against counterfeit or Security against counterfeit or
‘skimmed’ magnetic stripe cards‘skimmed’ magnetic stripe cards Generally lower risks due to PIN Generally lower risks due to PIN
VerificationVerification Protection against organised crimeProtection against organised crime
The Pro’s…To the ConsumerThe Pro’s…To the Consumer
Able to be present during card Able to be present during card authorisationauthorisation
Improved customer experience at Improved customer experience at the point-of salethe point-of sale
Faster AuthorisationFaster Authorisation More Piece of mindMore Piece of mind
The Pro’s…To the MerchantThe Pro’s…To the Merchant
Possibility of reduced bank charges Possibility of reduced bank charges and charge-backsand charge-backs
Insulates retailers from effects of Insulates retailers from effects of fraud liability shiftfraud liability shift
Increased sales conversion and Increased sales conversion and improved efficiency due to improved efficiency due to authorization speedauthorization speed
Less paperwork (Receipts)Less paperwork (Receipts)
The Cons…”Chip and Spin”The Cons…”Chip and Spin”
Higher Risk of Cross-country Higher Risk of Cross-country boarder fraud boarder fraud
““Shoulder Surfing” PIN StealingShoulder Surfing” PIN Stealing Liability of Consumer to Keep their Liability of Consumer to Keep their
PIN safePIN safe
ReferencesReferencesWIKIPEDIA.ORGhttp://en.wikipedia.org/wiki/Chip_and_PINhttp://en.wikipedia.org/wiki/EMVhttp://en.wikipedia.org/wiki/Two-factor_authentication#Smart_cardsDATACASH.COMhttp://www.datacash.com/services/chip_and_pin/emv.shtmlCHIPANDSPIN.CO.UKChip and SpinRoss Anderson, Mike Bond, and Steven J. MurdochComputer Laboratory, University of Cambridge.PIN (& Chip) or signature – beating thecheating?Dan Cvrcek, Jan Krhovjak, Vashek MatyasMasaryk University in Brno, Faculty of InformaticsPINPAD.CO.UKSecure solution for EMV chip card acceptance and PINentry at point-of-saleCARDWATCH.ORG.UK