Driving value through EMV in the middle east

摘要

There has been an explosion in card use over the past decade. Directly associated with this increase in card use has been a significant rise in card fraud. Indeed, last year card fraud was responsible for over £500 million pounds losses in the UK alone. In an effort to combat this focused criminal activity the EMV (Europay Mastercard VISA) standard has been introduced. EMV chip technology uses sophisticated processing techniques to identify authentic cards and make counterfeiting extremely difficult and expensive. Combining this with a PIN is a proven system for combating fraud as it provides the two-factor authentication of 'something you have' (the smart card) and 'something you know' (the PIN). This makes the probability of fraudulent transactions taking place in an ordinary retail environment practically impossible.