EMV Liability Shift – Are you ready?
What is EMV?
EMV® stands for EuroPay®, MasterCard® and Visa® the three companies which originally created the standard. The standard is now managed by EMVCo, a consortium with control split equally among Visa®, MasterCard®, JCB, American Express®, China UnionPay, and Discover®. Together they have implemented the EMV Chip Card Technology standard to improve payment security against fraud.
As of October 1, 2015 US merchants who have not adopted EMV technology will be accountable for any counterfeit fraud as the liability for fraudulent card transactions shifts from the banks to the retailer.
The EMV cards are already in use in Canada, Europe and China and are now a requirement for US merchants to adopt and implement.
The number one reason for EMV being pushed into the US is Security! Cards that are in use today by US consumers store data making them easily vulnerable for criminals to duplicate.
With the EMV Chip Card Technology each time a transaction is made using the chip card the chip creates a unique code that cannot be used again. Since it’s an exclusive code even if hackers were to obtain the transaction code the next transaction made on the card would simply be denied.
Are your terminals and POS infrastructure ready to successfully process EMV transactions?
October 1, 2015 is the EMV chargeback liability shift – if by this date merchants do not use EMV technology and a hacker breaches security and obtains customer data the merchant will be held accountable for any purchases made with the stolen data.
Protect your business today. If you don’t implement EMV Technology it could cost you more than just dollars it could cost you brand integrity and the trust and loyalty of your customers!
Multidev Technologies Inc. partners with EMV ready middleware and hardware providers that seamlessly integrate with our ChainDrive software. Ask us how ChainDrive POS supports EMV technology and how we can help you get started with your transition to EMV today. Call us 1.800.820.1412, email us at firstname.lastname@example.org or visit our website at chaindrive.com .