Payment card fraud has ballooned in the US over the last few years. Think your credit card is safe in your wallet? Think again. According to research, 80% of cards in people’s wallets have already been compromised in some way or another. If you’ve ever paid at a retail store with your card, your data may have been compromised due to an undetected skimmer, or even due to an unscrupulous salesperson. If you’ve ever shopped online and paid through a malware infected website, hackers could already have access to your details.
However, with the growing distribution of EMV smart card solutions, the world is finally moving away from highly vulnerable credit and debit cards. With the introduction of EMV cards, it has become close to impossible to execute credit card fraud.
How Do EMV Cards Work?
EMV chip technology is an acronym for Europay Mastercard and Visa—the companies that introduced these cards. EMV cards are chip-based payment methods with improved safety features; they’re designed to prevent activities like card cloning and skimming.
Traditional debit and credit cards store your personal information on a magnetic strip on the backside of the card. This made it easy for hackers to copy your data every time you swiped your card. EMV cards, on the other hand, only store your data on a microprocessor chip which is embedded in the card.
Through this chip, your card generates fresh data every time a transaction is made—making it highly difficult for hackers to copy sensitive information from your card.
Moreover, to take security features up a notch, EMV technology uses both your card and a unique one-time encrypted PIN to process the transaction—the code is called a cryptogram or a token.
The following are some of things you need to know about EMV liability shift:
As A Business, You Have To Support EMV Technology
This is because since October 2015, leading credit card companies have started placing the financial burden of credit card fraud on companies that weren’t integrating EMV. This liability shift forced a lot of companies to upgrade to EMV and held them accountable for their security standards for payment transactions.
It Is Not Challenging For Small Business To Migrate To EMV
Small business owners become anxious whenever standards need upgrades, as it requires resources, time, energy, and money. But here’s the thing, if the POS tools in your business aren’t that old, the chances are that they already integrate EMV technology—just double check!
EMV Will Enhance Customer Experience
With EMV technology, you can ensure that your customers will have a great shopping experience while partnering with your business.
No time is the wrong time to upgrade to EMV. Experts at UIC are only making it easier for you.