AVOID COUNTERFEIT TRANSACTION LIABILITY WITH EMV

Here is why Merchants should switch to EMV Now

by / Tuesday, 31 March 2015 / Published in Latest News

The Strawhecker Group (TSG) released survey results this week, showing only 34 percent of US merchants will be EMV-ready by the October 2015 deadline, and just 53 percent of merchants are expected to be fully compliant by 2017 – more than 15 months after the deadline. Come October 2015, those who are without EMV-enabled systems may be liable for certain types of fraudulent credit card transactions at their locations.

According to a research by Javelin Strategy & Research, in 2013 alone, the cost of payment card fraud in the U.S. rose to $11 billion, and with the deadline quickly approaching, banks and card processing companies are starting to get nervous due to the slow switch to EMV POS systems by small businesses. While large retailers are taking the necessary steps to upgrade their POS terminals to EMV, their smaller counterparts are citing high upgrading costs.

Major card issuers have already started to issue chip-enabled (EMV) credit cards to their customers. These EMV cards are embedded with a small, powerful chip that creates unique information for each transaction, keeping merchant payment systems secure and making it much more difficult to steal credit card information to create counterfeit cards. Thanks to this, these cards provide a higher level of security; security and peace of mind you’d like to provide to your customers.

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