“EMV” stands for Europay, MasterCard, and Visa, the three primary parties involved in the development of the technology behind chip-based payment cards and terminals. EMV cards contain embedded microprocessors that provide a much higher level of security than the magnetic stripes on older credit cards and debit cards. Transactions using EMV cards are secured through additional authentication and verification steps not used in magnetic stripe cards. Card authentication occurs during a transaction to protect against counterfeit cards, and cardholder verification protects against lost and stolen cards. The chip contains encryption keys with dynamic data that changes with each transaction and is verified by the bank with each use. Since EMV cards have been used in Canada starting in 2007, card fraud losses have fallen by nearly 75%, saving retailers and other businesses millions of dollars per year.