(Europay, Mastercard and Visa) a different way to accept credit card transaction using a smart chip or a smart chip and pin. The cards are blended, a magnetic stripe and smart chip, until magnetic stripes are eliminated. EMV is a much more secure way for merchants to accept non-cash payments. A dynamic number is sent to the authorization host by the EMV chip. The host is expecting the same number. If the numbers are different, the transaction is declined. The chips are extremely difficult to duplicate compared to a mag-stripe.
Liability switches to the consumer, if the merchant has an EMV/Smart Card reader enabled terminal in October of 2015 and the consumer doesn't have an EMV enabled card.