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Breaking News

Updated: Thursday, October 1, 2015

Fraud liability shifts today, are your merchants EMV-ready?

Today is EMV Day, Oct. 1, 2015. Who is ready for the new card security protocol and who is not? Newly released reports from The Strawhecker Group and leading insurer, The Hartford, point to broad swaths of businesses where EMV readiness is sparse. But that’s OK for now, because so is card issuance.

EMV (for Europay, MasterCard and Visa) is a security protocol for chip-embedded (smart) cards and card-accepting terminals. It is considered far superior to storing card and cardholder information on mag stripes because it employs encryption to mask card information exchanges. EMV cards are also too difficult for fraudsters to reproduce to make counterfeiting cards profitable for them.

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