transit agencies and the upcoming emv requirement
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What Transit Agencies Must Know About the Upcoming EMV Requirement
Transit agencies will increase their liability risk for credit/debit card fraud if their fare collection systems do not accept chip payments by October 2015
Known as EMV, short for Europay, MasterCard and Visa, the new standard adds a proven layer of security at the moment of transaction. The EMV-enabled cards are vastly more secure than swipe-the-stripe cards.
What if transit agencies don’t accept chip payments?Card associations want to help combat fraud, so
they have requested that transit agencies change
to the new EMV requirement by October 1, 2015.
If the agencies don’t migrate, they will be liable
for any sales on a stolen card. In simple terms:
The card association won’t reimburse transit
agencies for fraudulent charges if they haven’t
changed over to the EMV requirement.
Why don’t transit agencies want to change over?
It can be expensive.
If an agency already has velocity checks or other
systems in place to combat fraud, the benefit of having
card agencies reimburse fraudulent charges may not be
worth the cost of replacing all of the equipment,
hardware and software. It might not be in their best
interest because they don’t really have a fraud problem.
What do we suggest?Most new specifications request these new systems, which
is the right approach. However, EMV is only one way to
combat fraud. There isn’t one solution that will completely
eliminate fraud, which is why it is important to have an
integrated approach that minimizes the risk to the agency
and the riders.
Make sure you partner with a company that stays on top of security and makes it a priority.
April 15, 2023 Xerox Internal Use Only
That way, you can relax a little, knowing that your provider is properly managing payments and private information.
Xerox delivers EMV-compliant systems, unless otherwise requested. All of our fare collection solutions are EMV-certified and fully compliant, affirming our commitment to help our clients prevent fraud.
For more information, send an email to: [email protected]
Learn more about our transit solutions.
From fare collection to intelligent transportation systems (ITS), we meet public transit daily operational challenges with innovative and efficient solutions.
1-877-414-2676www.xerox.com/PublicTransit@XeroxTransport
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