Now that U.S. travelers are reporting magnetic stripe card refusals abroad, is it time for EMV in the U.S.?
By Jack Jania - Vice President and General Manager
Secure Transactions, Gemalto North America
- Are you an American international traveler whose magnetic stripe card was declined while trying to make a purchase in Europe? American travelers are now reporting card refusals at small merchants and unattended payment kiosks in parking garages, tollbooths, gas pumps and train stations.
- Does the United States need stronger payment card security?
- Can adding smart card technology to credit and debit cards make stolen account numbers useless, even for online purchases?
- Should the U.S. follow the lead of other countries around the world and migrate to EMV smart bank cards?
- Can contactless technology be used to prevent online fraud?
These questions have come to light after significant data breaches in the U.S. over the last four years. Millions of cards were compromised. Issuers, banks and consumers all suffered.
In this article, we seek to answer the question: Are EMV and smart card
technology the right choice in the long term for a more internationally accepted
and secure U.S. payment industry? We will examine what EMV smart bank cards are,
why they are more secure and
how U.S. issuers, merchants and cardholders would
benefit by migrating to EMV smart bank cards.
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OverviewIn order to consider EMV for the United States, first it is important to understand what it is and how it works.
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