Payment card fraud cost the US $7.9 billion last year alone, an increase of almost 60% from five years earlier. In response, major US card networks have implemented a set of security standards called EMV — which includes cards that store user information on a chip rather than a magnetic stripe — to make card-present payments more secure. EMV stands for “Europay, MasterCard and Visa,” which set out to create world-wide standardized protocols for “integrated circuit” cards and