EMV smartcards offer security benefits even without PIN, Visa says

Jaikumar Vijayan

Richey noted that it is unfair to expect EMV to be effective against all types of payment card fraud. Many for instance, have noted that EMV is useful only for card-present transactions at point-of-sale terminals and is less effective in card-not-present situations such as those involving online purchases.

EMV plays a crucial role in bolstering payment card security, but it is only part of a multi-layered approach to security. Approaches like tokenization, fraud detection networks and dynamic authentication are all key to bolstering payment card security she said.

The EMV standard has received considerable attention from stakeholders in the U.S payment industry and from lawmakers following the massive data breach at Target that exposed data on 40 million credit and debit cards.

Cards based on the EMV standard use an embedded microprocessor instead of a magnetic stripe to store cardholder data

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