GLOSSARY
Welcome to our glossary of terms related to payment cards, e-commerce, fraud, and more. Here you'll find the definitions of key terms that relate to EVC technology.
Aa
Authorization
Before a card transaction is finalized, it needs authorization: confirmation that the transaction has been made with a card that's attached to an active account with sufficient funds. Authorization is sent from the cardholder's bank to the merchant. Companies called processors facilitate authorization.
Cc
Card-Not-Present Fraud
Fraudulent transactions made without a physical card transaction - typically online or over the phone.
Card-Not-Present Transaction
A card payment conducted over the phone or online; the physical card is not tapped, swiped, or dipped.
Card-Present Fraud
Fraud that occurs when a payment card is used for unauthorized transactions in-person.
Card-Present Transaction
A card payment wherein a customer presents their physical card at the POS.
Card Skimming
A type of fraud that occurs when bad actors copy card information using a device illegally installed on ATMs or POS systems.
Chargeback
A transaction reversal initiated by a cardholder's bank, typically due to fraud or disputes.
Contactless payment
A secure method of completing transactions. The cardholder simply taps the card near a POS terminal and the payment information is sent with the help of RFID or NFC technology.
CVC
(Card Verification Code) A code used to verify the legitimacy of a card during card-not-present transactions.
CVV
(Card Verification Value) Similar to CVC, a security code on payment cards used to verify card-not-present transactions.
Dd
dCVV/dCVC
(Dynamic CVV/CVC) A CVV/CVC that regularly changes to further prevent fraud.
Drop-In Replacement
The process by which card chips can easily be replaced without significant changes to the card's infrastructure; the chip simply needs to be "dropped in" and embedded into the payment card.
Ee
E-card
An electronic version of a payment card.
Electronic Paper
Display technology that mimics the appearance of paper, often used in e-readers and payment cards.
E-commerce
The buying and selling of goods and services over the internet.
EMV Chip
A microprocessor that's embedded in payment cards like credit cards or debit cards. The EMV chip enhances security by generating unique authorization information for each card transaction. Also sometimes known as a micromodule.
EVC
(Ellipse Verification Code) A dynamic security code that is generated by Ellipse's EVC All-In-One Micromodule. The EVC security code changes for each Card-Present transaction, enhancing card security.
EVC All-In-One Micromodule
Ellipse's new-generation EMV chip. The EVC micromodule incorporates an e-paper screen that displays an EVC (Ellipse Verification Code).
Ff
False Decline
When legitimate card transactions are incorrectly rejected by the card authorization system.
Mm
Mobile wallet/E-wallet
A digital wallet, stored on a mobile device, that stores payment card information, e-cards, and virtual cards for transactions.
Pp
Point-of-Sale (POS)
Where retail transactions are completed. Could refer to a location, such as a store, or an object, such as a credit card terminal, an ATM, or a handheld credit card reader.
Rr
RFID and NFC
Radio Frequency Identification and Near Field Communication: methods by which cards can communicate with POS machines from a short distance away
Vv
Virtual Card
A digital-only payment card that can be used for transactions without an attached physical card.
Cc
Card-Not-Present Fraud
Fraudulent transactions made without a physical card transaction - typically online or over the phone.
Card-Not-Present Transaction
A card payment conducted over the phone or online; the physical card is not tapped, swiped, or dipped.
Card-Present Fraud
Fraud that occurs when a payment card is used for unauthorized transactions in-person.
Card-Present Transaction
A card payment wherein a customer presents their physical card at the POS.
Card Skimming
A type of fraud that occurs when bad actors copy card information using a device illegally installed on ATMs or POS systems.
Chargeback
A transaction reversal initiated by a cardholder's bank, typically due to fraud or disputes.
Contactless payment
A secure method of completing transactions. The cardholder simply taps the card near a POS terminal and the payment information is sent with the help of RFID or NFC technology.
CVC
(Card Verification Code) A code used to verify the legitimacy of a card during card-not-present transactions.
CVV
(Card Verification Value) Similar to CVC, a security code on payment cards used to verify card-not-present transactions.
Dd
dCVV/dCVC
(Dynamic CVV/CVC) A CVV/CVC that regularly changes to further prevent fraud.
Drop-In Replacement
The process by which card chips can easily be replaced without significant changes to the card's infrastructure; the chip simply needs to be "dropped in" and embedded into the payment card.
Ee
E-card
An electronic version of a payment card.
Electronic Paper
Display technology that mimics the appearance of paper, often used in e-readers and payment cards.
E-commerce
The buying and selling of goods and services over the internet.
EMV Chip
A microprocessor that's embedded in payment cards like credit cards or debit cards. The EMV chip enhances security by generating unique authorization information for each card transaction. Also sometimes known as a micromodule.
EVC
(Ellipse Verification Code) A dynamic security code that is generated by Ellipse's EVC All-In-One Micromodule. The EVC security code changes for each Card-Present transaction, enhancing card security.
EVC All-In-One Micromodule
Ellipse's new-generation EMV chip. The EVC micromodule incorporates an e-paper screen that displays an EVC (Ellipse Verification Code).
Ff
False Decline
When legitimate card transactions are incorrectly rejected by the card authorization system.
Mm
Mobile wallet/E-wallet
A digital wallet, stored on a mobile device, that stores payment card information, e-cards, and virtual cards for transactions.
Pp
Point-of-Sale (POS)
Where retail transactions are completed. Could refer to a location, such as a store, or an object, such as a credit card terminal, an ATM, or a handheld credit card reader.
Rr
RFID and NFC
Radio Frequency Identification and Near Field Communication: methods by which cards can communicate with POS machines from a short distance away
Vv
Virtual Card
A digital-only payment card that can be used for transactions without an attached physical card.