Bloomberg takes US consumers through what the EMV migration means for them in this easy to digest article. For example EMV should provide better security, and, for a while, confusion at the checkout. Cards with EMV chips are almost impossible to counterfeit but they don’t prevent fraud in online transactions. Expect fraudsters to migrate online or focus on shops that still can’t read EMV cards.
What's an EMV chip? An EMV chip is a small computer chip in the front of the credit card that lets the card and the card reader engage in a digital conversation, sometimes called a handshake, to authenticate the transaction. EMV chips (after Europay, MasterCard, and Visa, the companies that created the standard) can’t be copied and counterfeited the way a magnetic strip can.