Browse Definitions :
Definition

Chip and PIN

Chip and PIN is a UK government-backed initiative to implement the EMV (short for Europay, Mastercard and Visa) standard for smart payment cards. A similar effort is also underway in the Republic of Ireland. The name of this initiative stems from the presence of a semiconductor chip and associated circuitry in the smart card, which is used in tandem with a PIN (personal identification number) .

In use, the smart card is placed into a PIN pad terminal or modified swipe-card reader, which accesses the chip in the card. The user enters a 4-digit PIN that is checked against the information stored on the card. If the entered PIN matches the stored value, the transaction is permitted to proceed.

Chip and PIN went through a pilot test in Northampton starting in May 2003 and was rolled out nationwide in 2004. In 2005, retailers became responsible for fraudulent credit card purchases. This event spurred wholesale adoption of new POS (point of sale) systems that incorporated EMV support.

This was last updated in March 2011

Continue Reading About Chip and PIN

SearchCompliance
  • compliance risk

    Compliance risk is an organization's potential exposure to legal penalties, financial forfeiture and material loss, resulting ...

  • information governance

    Information governance is a holistic approach to managing corporate information by implementing processes, roles, controls and ...

  • enterprise document management (EDM)

    Enterprise document management (EDM) is a strategy for overseeing an organization's paper and electronic documents so they can be...

SearchSecurity
  • IPsec (Internet Protocol Security)

    IPsec (Internet Protocol Security) is a suite of protocols and algorithms for securing data transmitted over the internet or any ...

  • principle of least privilege (POLP)

    The principle of least privilege (POLP) is a concept in computer security that limits users' access rights to only what are ...

  • biometric authentication

    Biometric authentication is a security process that relies on the unique biological characteristics of individuals to verify they...

SearchHealthIT
SearchDisasterRecovery
  • risk mitigation

    Risk mitigation is a strategy to prepare for and lessen the effects of threats faced by a business.

  • call tree

    A call tree is a layered hierarchical communication model that is used to notify specific individuals of an event and coordinate ...

  • Disaster Recovery as a Service (DRaaS)

    Disaster recovery as a service (DRaaS) is the replication and hosting of physical or virtual servers by a third party to provide ...

SearchStorage
  • cloud storage

    Cloud storage is a service model in which data is transmitted and stored on remote storage systems, where it is maintained, ...

  • cloud testing

    Cloud testing is the process of using the cloud computing resources of a third-party service provider to test software ...

  • storage virtualization

    Storage virtualization is the pooling of physical storage from multiple storage devices into what appears to be a single storage ...

Close