What is EMV? EMV is an extra layer of security for credit cards used in person. It is a chip that a new generation of credit card processing machines can read and act as a second level of authentication. This chip will prevent thieves from simply making a copy of your card with the data from your magnetic strip, they will also have to be able to duplicate the chip which is considerably more difficult.
This is a important because this extra level of authentication moves the liability from the banks to the businesses for paying for fake in-store purchases. Well that is if the business doesn't have a card reader with EMV capabilities. If a business installs the EMV enabled card readers and a fraudulent transaction is processed at that business the bank is still going to have responsibility.
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Read more about this big change at Fortune Magazine.