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1 week ago Moreâ—¦Smart Card EMV for Dummies â—— Presentation Transcript
1. PREPARE YOURSELF FOR SUCCESS!©
2. EMV â—— Europay, MasterCard andVisaâ—¢ A chip card is simply a plastic card
containing an integrated circuit. â—¢ It contain an embedded micro- processor
chip which will encrypt transaction data dynamically for each purchase
3. EMV â—— Europay, MasterCard and Visaâ—¢ The chip technology on the card in
conjunction with a PIN or signature verification, provides a two factor
authentication necessary to combat fraud.â—¢ First U.S. payment card utilizing
the EMV standard â——Chip & PINâ—— was issued by United Nation FCU in 2010
4. So many definitions so little time!SMART CARD or is it a CHIP ENABLED CARD
CHIP CARD or CHIP & PIN CHIP CONTACT CARD, CHIP & SIGNATURE At the end, they
all do the same thing. So keep in mind it all means the same. A card with an
integrated circuit. If we canâ——t even agree on a name, how are we going to
agree on the rest?
5. EMV is a global reality, with 1.3 billion cardsand 20.7 million card
readers based on EMVstandard. Excluding U.S., 42.4% of cardsissued and over
75.9% of POS card readersare EMV enabled. (EMVCO, Q3 2011)Its time you joined
the club!
6. EMV improves payment transaction security by: Card Authentication â——
protecting against counterfeit cards Cardholder verification â—— protecting
against lost or stolen cards Transaction authorization â—— using issuer
defined
rules to authorize transactions
7. Master your game by understanding the basics!PAYMENT METHOD VERIFICATION
METHOD AUTHENTICATION METHOD
8. PAYMENT METHOD Contact smart cards require you to CONTACT AND actually
insert the card for identification purposes.CONTACLESS CARDS Contactless smart
cards, also knows as RFID (radio frequency ID) only require you to be near the
scanner for reading. Contactless smart cards make the identification process
fast & easy. However, the same technology that enables you to use these cards
without touching the scanner also makes it possible for enterprising hackers
to steal information. Keep that in mind as you look at your options.
9. VERIFICATION METHODChip & PIN or Chip & SignatureChip & PIN â—¢ Verify
identity with PIN that must correspond to information on the chip â—¢ Most
secure type of technology â—¢ Harder for fraudsters to replicate or steal your
card. â—¢ Will have mag stripe on back of cardChip & Signature â—¢ Verify
identity
with Signature â—¢ Less secure than Chip & PIN but more secure than mag stripe
â—¢
Unable to use at unmanned kiosks â—¢ Shorter implementation time and cost â—¢
Will
have mag stripe on back of card
10. EMV card supports verification methods (CVMâ——s)Online PIN, is encrypted
by
the PIN pad and sent to the card issuer online for verificationOffline PIN,
where the PIN is verified offline by the chip on the card. Only the result is
sentto the host.Signature authentication, where the cardholder signature is

3. verifiedNO CVM (typically for low value transactions or transactions at
unattended POS locations) Network & terminal capabilities largely dictate
which solution is to be used ATMâ——s are typically required to always support
online PIN
11. â—¢ EMV transactions can be authorized online or offline Cards can be
configured to allow both online & offline authentication. Network & terminal
capabilities largely dictate which solution is to be used.
12. â—¢ Chip card uses key technology to generate a cryptogram, also called
Authorization Request Cryptogram (ARQC)â—¢ ARQC is the dynamic data which
makes
an EMV transaction unique & provides card present counterfeit fraud
protectionâ—¢ Chip generates cryptogram by applying algorithm to the card, the
device and the transaction dataâ—¢ Because cryptogram generation is different
for each transaction, the resulting cryptogram is unique for each transaction
13. Keep it in mind!â—¢ With online authorization, a dynamic cryptogram
protects
against the use of skimmed data & stolen account dataâ—¢ Card usage
restrictions
such as international use prohibitions are systematically enforcedâ—¢ With
offline authorization, a PIN capability protects against lost & stolen card
fraudâ—¢ With offline authorization, data authentication protects against
counterfeit cardsâ—¢ Limits on offline activity protects against credit
overruns
and fraud Source: emvco.com
14. © PREPARE YOURSELF FOR SUCCESS!Aris Jerahianaris@arisjerahian.comA
payment
industry executive with more than 20 years of client management, consulting
and operationalexperience which helped establish long-term, successful
partnership with financial institutions. He is theauthor of â——Courage to
Change,â—— which aims to help readers improve both their professional and
personallives, and serves as a council member on the Council of Advisors for
Gerson Lehrman Group, a globalnetwork of executives who provide consultation
to investment leaders.
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