Payments with Magnetic Stripe Cards
DOI link for Payments with Magnetic Stripe Cards
Payments with Magnetic Stripe Cards book
This chapter explores the security measures to protect payments at Point-of-Sale Terminals and online. It deals with a description of US efforts to migrate to integrated circuit payment cards, using the Europay, MasterCard, and Visa (EMV) specifications. Magnetic stripe cards are used in many applications—cash withdrawal, credit/debit prepayments, storage of currency or tokens, access control, and so on—particularly in the United States. European banks moved to the EMV technology in January 2005. In most countries, it took 7–10 years to roll out the EMV infrastructure. The full rollout of EMV in the United States is expected to last much longer because of the scope and complexity of the deployment. As the ability to counterfeit cards dries up, fraudsters are expected to explore vulnerabilities, such as incorrect implementations of EMV or poor business controls. Based on the experience from other countries, online fraud may surge after EMV chip card rollout unless other procedures are introduced.