Keeping Different Security Standards Straight

After numerous major data breaches and ongoing discussions about credit card security, keeping the different security standards straight can be a challenge. Consumers should understand how EMV and PCI standards are different, yet still work toward the same general security goals.
How EMV Works

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As of October 1, 2015, merchants are encouraged to adopt Europay, MasterCard, Visa (EMV) standards, or they may be liable for fraudulent charges made with stolen cardholder information. EMV standards drastically increase the security of credit card transactions around the world. Unlike credit cards that rely only on a magnetic strip and the cardholder’s signature, EMV chip cards feature much stronger cardholder verification methods. These new cards rely on either an electronic

That means if a cardholder’s personal information is leaked, the credit card data is useless. Of course, credit card readers that predate EMV standards cannot process chip cards. Only an EMV terminal with chip technology can securely process EMV transactions. EMV security standards are managed by EMVCo.
How PCI Works

Like EMV, Payment Card Industry Security Standards (PCI) work to keep cardholders safe and merchants in business. To comply with PCI standards, merchants must take a number of relatively common-sense security steps. such as keeping their networks secure, managing vulnerability, and protecting customer credit card data. Merchants must also maintain stringent access controls, test their networks on a regular basis, and actively manage their own information security.

While EMV standards make stolen credit card data virtually useless, PCI standards increase the security of cardholder information. PCI security standards are managed by PCI Security Standards Council, a joint venture between American Express, Discover, MasterCard, Visa, and JCB.
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