EMV Chip
GeneralGlossary term
Definition
An embedded microchip in credit cards providing enhanced security through encrypted, one-time transaction codes. Chip cards must be inserted rather than swiped during payment.
Related terms
- Fraud ProtectionCredit card security features that detect suspicious activity and provide zero liability for unauthorized charges. Federal law limits cardholder liability to $50, but most issuers offer $0 liability.
- Contactless PaymentTap-to-pay technology using Near Field Communication (NFC) for quick, secure transactions. Same security as chip cards with one-time encrypted codes. Limits typically $50-250 per transaction.
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