Debunking EMV Myths

Publication date: March 2019

EMV chip technology has become ingrained in the U.S. payments infrastructure. Still, there are misperceptions about the technology, its security features and impacts on fraud. The U.S. Payments Forum has created this guide to provide accurate information for all stakeholders communicating about contact and contactless chip technology, including card issuers, retailers and the media.

The resource answers these common questions regarding chip technology:

  • Does EMV chip technology eliminate all payments fraud?
  • Do chip card transactions use encryption?
  • How does chip technology impact fraud liability between the merchant and issuer, and is the consumer ever liable?
  • Is the use of a PIN necessary for chip technology to be effective?
  • How has the implementation of chip technology impacted card-not-present (CNP) fraud?
  • Can a thief electronically pickpocket your contactless card or device and create a counterfeit card that can be used successfully in stores?
  • Can contactless card information be stolen and used to steal a consumer’s identity?
  • Are fraudsters able to create usable counterfeit cards through shimming?
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