By October 2015, Businesses not using EMV compatible credit card machines will face new liabilities for credit card fraud.
Europay®, MasterCard® and Visa® (EMV), or better known as smart-chip technology. Smartcards or chip & pin cards are making their way to the US credit card processing industry after having already been implemented in Europe, Canada and elsewhere around the world.
What is Chip and Pin?
Smartchip technology, in comparison to the magnetic strip technology currently used in credit card machines and readers, offers businesses and consumers a much higher level of security when it comes to the prevention of card skimming and other types of credit card processing fraud while processing credit cards. EMV cards contain built-in security chips that utilize a form of cryptography to authenticate the card, and the data stored on the card. EMV technology's advanced ability to verify a card’s authenticity, combined with a PIN, has resulted in significantly less fraud for businesses and cardholders.
“The U.S. currently accounts for 47% of global credit and debit card fraud even though it generates only 27% of the total volume of purchases and cash…”
- The Nilson Report
Chip and Pin Compatible Credit Card Machines Currently Available Through NTC Texas:
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