The Implementation of EMV Chip Card Technology to Improve Cyber Security Accelerates in the U.S. Following Target Corporation's Data Breach

Abstract

This study explored the adoption of the Europay, Mastercard, and Visa (EMV) standard for authenticating debit and credit card transactions among corporations in the United States, in response to high profile cybercrimes. According to the research, the Target Corporation data breach in 2013 appears to be the event that motivated the technological change. Target Corporation was the victim of cybercrime through a chain of events, several U.S. organizations have suffered severe financial losses due to data breaches, and U.S. technology is vulnerable regarding debit and credit card transaction processing. Further, U.S. organizations other than financial institutions (e.g., banks) do not typically bear the financial burden for fraudulent transactions, and hesitate to invest in costly new security measures, such as machines that accommodate EMV chip cards, which are debit and credit cards with embedded microchips for added security.