The magnetic stripe on typical credit, debit, and prepaid cards hold unchanging (static) data that criminals may readily copy using a simple, low-cost skimming device. When an EMV card is used for payment, the chip on the card provides a unique transaction code that cannot be applied again, unlike a magnetic stripe card. This characteristic, referred to as dynamic verification, makes counterfeiting EMV cards difficult, if not impossible, and costly.
Regarding consumer experience, EMV chip-compliant cards are scanned via a method known as "card dipping" rather than the traditional swiping of magnetic stripe cards. Due to the extra verification and data flows for the EMV chip-compliant card, the process could take longer than swiping. As a result, the consumer must be patient and recognize the trade-off between security and performance.