As a countermeasure to thwart fraud, EMV “smart card” technology (a joint effort of Europay, Master Card, and Visa) was concocted in the 90’s and rolled out during the 00’s throughout the world … f How EMV works EMV cards thwart some of the most common ways thieves clone cards and steal data.
They come equipped with a microprocessor chip that encodes the information transferred to the merchant, such as account numbers, differently with each transaction.
So, even if thieves manage to get data from a merchant (as they did in the Target breach), it’s like stealing an expired password — useless.
EMV chips are also tougher to clone than magnetic stripes are.
There are three personal/business cards offered – Discover/Store, Community and Business.
Discover/Store is personal, Community for community services like nonprofits and Business is for businesses.
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While EMV technology won’t make data theft disappear (several successful breaches overseas are a testament to that), it does up the ante for thieves, making their job harder — when it comes to card-present fraud, that is.
EMV technology doesn’t do anything about online fraud, unfortunately.
Some applications for the Walmart credit card are available online and others require the applicant fill out the application and mail it in to Walmart customer service.
Walmart attempted to start an internal company bank for quite some time with no luck.