EMV
EMV stands for Europay Mastercard Visa.
It is a specification for banking cards.
The actual version of EMV specifcations is the 4.2.
EMV Specifications consists of 4 parts:
- Book 1 - Application Independent ICC to Terminal Interface Requirement and Application Selection
- Book 2 - Security and Key Management
- Book 3 - Application Specification
- Book 4 - Cardholder, Attendant, and Acquirer Interface Requirements
The purpose and goal of the EMV standard is to specify interoperability between EMV compliant IC cards and EMV compliant credit card payment terminals throughout the world. There are two major benefits to moving to smart card based credit card payment systems:
• Improved security (fraud reduction),
• Better control of "offline" credit card transaction approvals.
EMV financial transactions are claimed to be more secure against fraud than traditional credit card payments that use the data encoded in a magnetic stripe on the back of the card.[citation needed] This is due to the use of cryptographic algorithms such as DES, Triple-DES, RSA and SHA to provide authentication of the card to the processing terminal and the transaction processing center.
Although not the only possible method, the majority of implementations of EMV cards and terminals confirm the identity of the cardholder by requiring the entry of a PIN (Personal Identification Number) rather than signing a paper receipt. Whether or not PIN authentication takes place depends upon the capabilities of the terminal and programming of the card.