According to a recent News Now article, a group of electronic payment industry organizations have predicted more than 575 million chip-enabled credit and debit cards will be issued by the end of 2015.
The chip enabled credit and debit cards, use Europay-Mastercard-Visa (EMV) technology, and cards using EMV chips are considered more secure against fraud with authentication provided by the use of a PIN and cryptographic algorithms.
"The shift to EMV cards clearly has big momentum now within the financial community," said Eric Richard, CUNA general counsel/executive vice president for regulatory affairs. "There is still an issue about whether the merchant community will be prepared to facilitate the change on a full and timely basis. And both sides will need to continue working on other security strategies to counteract the growing problem of data breaches."
In October 2015, parties that deploy EMV cards will be protected from financial liability from card-present counterfeit fraud losses.
The KCUA Research Database has resources available to help understand the EMV technology: