One of the primary benefits of EMV is that it significantly reduces counterfeit fraud. This video from Paragon Application Systems Inc. explains how this is accomplished through the use of two online cryptograms:
An authorization request cryptogram, or ARQC, which is generated by the card;
An authorization response cryptogram, or ARPC, which is generated by the card issuer.
The video demonstrates how each of these is generated and validated to create a secure transaction.
Just when the U.S. payments industry was getting close to a common solution to its unusual quandary of how to enable network choice for EMV transactions, along comes U.S. District Court Judge Richard …