EMV is finally here – and it’s here to stay
Are you ready…..EMV is finally here!
Great News! Now you can protect your clients and customers with EMV while implementing the new NFC (Near Frequency Communication) all at the same time!
It really came to the forefront with the massive Target beach of 2013. The retail giant had over 70 million cards exposed in the short time span between November 27th to December 15th. This, however, was just the beginning.
In October of 2014 several banks and another big box retailer had a spike in complaints from consumers stating they had been hit with fraudulent charges stemming from another big box retailer; a multitude of retailers from Staples Inc. to PF Chang’s to Sony. Not to mention the thousands of smaller merchants hit, closing their doors and too small to make headlines.
Think it can’t happen to you? Think again.
Are you getting worried yet?
Amazing what can happen when you go to the store to pick up some groceries and end up with $1000’s in fraudulent charges and potential identity theft.
So what’s being done to prevent this? How can businesses protect not only you from fraud, but themselves? Remember, when fraud is committed against a retailer, they must find some way to offset the loss. Meaning cut-backs in staff and higher prices in general.
It’s time to take on new security measures — EMV being one. Many changes are happening within the payment industry. Incorporation of EMV cards and compatible POS systems is a must. Not to be confused with NFC (Near Field Communication), EMV (Europay, MasterCard, VISA) will provide extra security to the businesses in the card present environment.
Increasing security, protecting customers and saving money; EMV is coming to a retailer near you and is here to stay.
What is EMV?
EMV or Europay, MasterCard, VISA (named after the companies that originated the payment standard) is a data-driven process to increase security and protect against fraudulent charges when paying at Point of Sale. EMV is known as a smart-payment system that uses an embedded chip which transfers payment information from a person’s card to the merchant. Already adopted throughout most parts of the world, it has finally come to the U.S.
It’s amazing what a little chip can do
Although small in size, the chip scrambles and decodes your customer’s data every time they pay with EMV. This data cannot be copied or lifted by a third-party after the transaction.
Here are the facts.
- Magnetic strips
Swipe your card at any POS. The data is consistent, meaning it can be easily scanned and copied. With EMV, you pay at the register and your transaction is encrypted. What this means for you is that when you pay with EMV, the chip generates a new distinctive code every time.
- What happens if you don’t comply with the new EMV standard?
By October 2015, if retailers have not moved forward with EMV, the merchant and not the financial institution will be responsible for any fraudulent swiped transactions.
Get ready to make the switch — protect your company and customers. Call us today to upgrade.
Can you afford the loss?
I can’t. Send me a copy of your EMV Partner Solutions.