An In-depth Knowledge on EMV Tags and their Adoption in FinTech and Traditional Banking
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EMV stands as the leading global standard for smart card payments. “EMV transaction specifications are based on a variety of standards, each serving a distinct purpose” [6, p. 17]. Figure 1 depicts such specifications: The EMV specification offers a versatile toolkit for payment protocols, allowing for various combinations of authorization. Its complexity and flexibility make it difficult to thoroughly analyze the security of the EMV standard. This study explored the implementation of “Europay, Mastercard, and Visa” (EMV), prompted by notable cybercrimes [1]. The aim is to shed light on the impact, solutions, and applications of EMV technology. The findings suggest that the increase in data breaches has driven this technological transition. High-profile companies like Target have experienced cyberattacks, resulting in substantial financial losses for numerous U.S. organizations due to data breaches. The technology landscape is particularly susceptible when it comes to processing financial exchanges. EMV bolsters the security level of financial transactions.
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References
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