EMV stands for Europe Mastercard Visa, where chip technology has been used since 1992. EMV is a universal standard for processing card present credit card transactions and will be adopted soon in the United States.
In addition to the traditional magnetic strip, EMV cards contain a chip that is used to transmit data. for each transaction, EMV creates a unique code, which unlike a magnetic strip can only be used once, making fraudulent transactions more difficult.
In 2013, the united states reported $11 billion in credit card fraud, EMV chip technology increases credit card security.
EMV will help protect both consumers and businesses that accept credit card transactions, but merchant’s are responsible to have an EMV compliant terminal by October 2015.
There is still plenty of time prior to the October 2015 deadline, but business owners need to be prepared and must understand the fraud liability shift. if a fraudulent transaction occurs and a merchant does not have an EMV card reader, they could be held financially liable for any losses as a result of a card present transaction where EMV chip technology was not used.
We have several EMV compliant terminals available today, so if you are thinking of upgrading equipment or would like to know more about EMV, please contact IMS for more information..