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September 08 06:522015
By James Hoffman
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New credit card chips help prevent fraud
The payoff is that merchants are required to upgrade PoS terminals to accept chip andPIN transactions and post-EMV migration, the burden of fraud is transferred to themerchant. "We are in the technology business and we wanted to be ahead of the game",said iHospital Chief Executive Ross Newman.
EMV, which stands for the initial letters of thecompanies that developed the standard -Europay, MasterCard, and Visa, generates aunique code when a payment is processedmaking it impossible for a thief to use the stolendata and use it in other purchases.
Eight financial institutions, which represent abouthalf of all the payment-card volume in the USA,estimate that 63% of their credit and debit cardswill have chips by the end of the year, according
to the Payments Security Task Force.
"It's an incentive for merchants to upgrade to new chip technology", said Randy
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Vanderhoof, director of the EMV Migration Forum, a payments-industry group involvedwith the transition from magnetic-stripe cards to EMV cards. That chip makes the cardmuch more hard to counterfeit.
As extra retailers set up these new card-reading terminals, card skimming will shortlymigrate to terminals that use the old style swipe. "I shop on Amazon a lot so I figured I canget a credit card through them and the introductory offer so thats how I ended up getting it.White says it's the best decision he's made in a while". These charges would be coveredby banks that issued the credit cards. Even as an October 1 deadline approaches toswitch Americans over to credit cards embedded with chips, the vast majority still does nothave the new cards and only some are using them as intended, a new Associated Press-GfK poll shows. There is a difference between EMV chip card and a standard card. It issomething hotels need to be very mindful of, particularly as the industry in general islooking to promote more direct bookings away from third party platforms and traditionaltravel agents.
At $250 to $500 apiece, the card readers are an investment. Liability for automated fueldispensers and ATM transactions shifts at a later date, and the liability shift does not applyto card-not-present transactions. The new terminals are really simple: Insert your card intothe payment terminal chip-first. Depart it there and comply with the terminal's prompts. Itappears few, if any, are griping about it, though it's unclear how acquainted Mississippi'sbusinesses actually are with the EMV card and obligations it places on them.
Don't be surprised if you see a magnetic strip on the back of the card. With the October 1deadline for chip cards in the United States around the corner, Nilson Report expectssome of that fraud activity to move online. Secure sites will have "https" at the beginningof the payment page's URL, rather than "http".
Target's data breach in 2013 jeopardized more than 40 million credit and debit cards. Andavoid sending credit card information via email or social media. And take steps to preventonline fraud by shopping only through secure sites and not sharing your credit card data.So keep your data secure by learning how to use an EMV chip for in-person purchases.
The chip technology focuses on in-store purchases and cutting down on fraud involvingfake cards.
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