All You Need to Know
About EMV Chip Cards

Put yourself in the shoes of a credit card fraudster for a moment. Unfortunately, they’re probably expensive shoes considering the scary amount of credit card fraud happening these days. He’s at a crossroads in his life. Why? He’s wondering whether he should continue his life of fraud or go back to school, and join the workforce. The introduction of EMV is the reason.

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EM-What?

EMV simply stands for the companies that developed it (Europay, Mastercard and Visa). It’s more commonly referred to as chip card technology.

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So, What’s EMV Technology Then?

It’s just a much more secure way of doing the same thing. You’ve been using a magnetic stripe to store your sensitive payment data. Now it’s on a little chip.

Why the Change?

The US has over 50% of the world’s credit card fraud, even though less than 25% of the world’s card transactions occur here. Yikes. If your magnetic stripe card gets stolen, or the information is copied, this info can be used repeatedly until the account linked to it is emptied or maxed out. Not with chip cards – each use generates a unique ‘one-time’ code that is useless if stolen.

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When is it Happening?

October 1, 2015 is the deadline for all US merchants to be ready for chip cards, according to MasterCard, Visa, and American Express.

And usually what they say, goes.

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How it Works

So, you’re about to buy something at a store.

Now instead of swiping your card down through the reader as you usually do, this time you insert it into the reader. The card reader prompts you to sign or enter your PIN number. You do, and the transaction goes through.

Just as simple as what you’re used to, but much more secure.

Learn more how EMV will affect your business

Any merchant who does not have the equipment to accept EMV cards by October 2015 may be held liable for any losses resulting from fraud.

Visa alone is sending out 600,000,000 chip cards over the coming year, so you’ll be dealing with lots of these cards sooner rather than later. With our Future of Payments whitepaper, you’ll get detailed insights into how your business will be affected and what you can do get ready.

Get our free whitepaper