The EMV Countdown Continues: Where will you be on October 1st?
Information is power. In the wrong hands your customer’s private information can threaten your customers and your business. ArcherPoint wants to give you the facts to help you protect your business in our free e-book: The Retailer’s Guide to Surviving the Switch to EMV.
In 2013, payment card fraud in the U.S. increased by 29% to $7.1 billion, according to the Business Intelligence research service, which found that the U.S. accounts for 51% of the total worldwide card fraud (Verifone, The U.S. Government Shift to EMV Payments). To combat this growing and disturbing issue, new EMV regulations for credit cards will be put into effect on October 1st of this year (that’s less than 60 calendar, or less than 45 business days from today!). Between summer vacations, upcoming holiday weekends, and the day-to-day of business, we all know how short of a timeline this is. The new regulations will hold all parties accountable–from the bank that issues the card to the retailer who accepts it for purchase. After October 1st, the liability of fraud reconciliation will shift to the party who is the least EMV-compliant within the fraudulent transaction process.
The companies utilizing industry best practices have already been rapidly making the switch to EMV technology. EMV, which stands for Europay, MasterCard, and Visa, was developed for inter-operation of integrated circuit (IC) cards (or “chip cards”), and IC-card capable terminals and ATMs for authenticating credit and debit card transactions. What is important about this is that the technology protects card readers and ATMs that help authenticate credit and debit card purchases.
With every company that makes the switch, they are leaving a smaller and smaller pool of potential victims left for thieves to target. Retailers don’t want be the ones left holding the bag…but what’s involved in becoming EMV-compliant and what will it cost? How much risk are you taking on if you don’t make the switch by the deadline? If you are ready to make the switch, how do you go about it? The answer to all of these questions is: It depends on several factors.
As confusing as it all might seem, there is help readily available. For a detailed discussion of the EMV landscape and help with determining your next steps, download our free, informative eBook, The Retailer’s Guide to Surviving the Switch to EMV. Questions? Contact the Retail experts at ArcherPoint.