The idea behind EMV is simple enough: The card is authenticated by a chip that is much more difficult to forge than the magnetic strip. went up, then down, and is now heading upward again. The idea was to cut fraud drastically, but real-world experiences turned out to be somewhat more difficult than theory. from 2003 to 2006 and in other European countries shortly afterward it is now being rolled out from India to Canada. Named for its promoters Europay, MasterCard, and Visa, the EMV system augments the old magnetic strip cards with a chip that can authenticate a transaction using cryptographya so-called "smartcard." EMV was deployed in the U.K. credit card companies and banks are beginning to distribute new credit cards with an embedded chip as well as the magnetic strip that has been in use since the 1970s.
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