EMV refers to chip-based payment cards that provide an extra form of card authentication for transactions, reducing the number of counterfeit payment cards and stolen cards. Currently, the magnetic strips on credit cards contain unchanging data, while the new chip cards create a unique transaction code for each purchase that cannot be used again. The card must be inserted into the terminal and will be processed with data flowing between the chip and issuing financial institution to verify the legitimacy of the card to create data that is unique to the transaction. This process may take a little longer than the usual card swipe, but it is more secure.
The Fraud Liability Shift takes place October 1st. If fraud occurs after this date, then liability for card-present fraud shifts to the party that is least EMV-compliant in the fraudulent transaction. It also means that merchants that are not EMV-ready could become a target for fraud.
International Bancard helps make the switch for businesses easy and seamless. Contact them today to learn more 877-280-4156. And be sure to register for our free webinar on August 13th!