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EMVCo Growth Report is Good News for Global Security

Global technical body EMVCo recently reported that by the end of 2015, 4.8million EMV payment cards were in circulation globally.[1] This is very good news for consumer data security. With the EMV protocol, card data is stored on an integrated circuit rather than on a magnetic strip, making it extremely difficult to clone. A key component of EMV’s success is its simplicity; where chip & PIN is in place, the user only has to remember a short 4-digit PIN and their payment card to conduct a secure transaction.

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Chip & Choice: The US EMV Story So Far

The EMV liability shift has been in effect in the United States for just over a month since its deadline of 1st October. This shift saw the country make a more concerted move towards the same in-store payment authentication method we are familiar with in Europe, and most of the world.

One trend is already clear, every player – except those with a vested interest – was wishing for something else, as is evidenced by its far from impressive adoption.

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The PIN Is Mightier Than the Pen

US merchants have until this October to convert their payment terminals to those capable of EMV (or chip) transactions. This move has been long awaited by banks and payments companies worldwide as it is hoped that it will – among other things – put an end to the US being the primary offender related to fraud from cloned or stolen cards.

The much anticipated liability shift will be a game-changer, particularly for merchants, who will be liable for any card-present fraud committed in their store if they do not have EMV capable card acceptance technology.

The payments industry has been awash with predictions about what this will mean for card-present fraud (it will drop), card-not-present fraud (it will rise) and how American consumers will adapt to this new way of performing transaction. Read more