EMV (Europay, MasterCard and Visa) is a global standard for credit cards that are equipped with computer chips. Because of many data breaches and increasing counterfeit card fraud, U.S. credit card issuers will be using this new technology to help protect consumers and reduce fraud.
Starting October 1st, 2015 if you (as a merchant) do not accept an EMV credit card, and a counterfeit card is being used, you will be liable for the costs. Now is the perfect time to make sure your point of sale system can handle this new technology; or start the search for a replacement system if your current system can’t be upgraded. By upgrading, you will be fighting the fraudsters, providing a greater sense of security for your customers, and avoid liability costs.
EMV cards have been used in Europe for years with success. It uses a different kind of reader (you insert the card into a terminal slot and wait for it to process) and it is much more secure because it’s almost impossible for someone to duplicate the credit card. After the UK started using EMV cards lost and stolen card fraud was reduced by 58 percent – that’s pretty impressive! Don’t wait and don’t be left behind – take a look at the detailed schedules about the upcoming shift for each of the credit card companies and make sure you are ready for this upcoming change in the industry.