What is EMV?
EMV (Europay, MasterCard, and Visa) cards contain a chip in them, in addition to the traditional magnetic strip, that is used to transmit data. Unlike standard magnetic strip, EMV cards create a unique transaction code every time they are used. Each code can only be used once, making fraud more difficult and less likely to occur.
· EMV has been around since 1992
· Create universal standards
· United States is one of the last to adopt the card technology
· Makes traveling and doing business overseas easier
· United States eported $16 billion in credit card fraud in 2015
· EMV can help protect both consumers and businesses
· Fraud losses for brick and mortar retailers dropped 60% in the UK after adopting EMV technology
How to Process EMV Transactions:
· EMV is a card-present technology that can be processed by contactless, PIN or signature.
· October 2015 when a fraudulent transaction occurs, whichever party (Merchant/Processor/Card Issuer) is the cause of the contact chip transaction not occurring will be held financially liable for any resulting card present counterfeit losses.
How to protect you and your business:
· Make sure that you have an EMV compliant terminal, if not you will be held liable for losses.
Contact us for a quick review and protect your business today!