Bloomington, Il. and Sioux Falls, S.D., Aug. 22, 2013 â€” As the staggering amount of losses attributed to card fraud attest, it's not difficult to copy or skim data from a magnetic stripe and create a duplicate card that can be used at an ATM.
Historically, ATM skimming has been a bigger problem in Europe and other parts of the world than it has been in the United States. However since the implementation of EMV in Europe and other parts of the world, fraudulent withdrawals have fallen in countries that have adopted chip and PIN technology and shifted to markets that still rely on magnetic stripe cards â€” like the U.S.
According to a recent report from the U.S. Secret Service, the cost of a skimming incident in the U.S. has risen to $50,000 on average, up from $30,000 a few years ago.
To help address ATM owner concerns about migration to EMV, the ATM Industry Association and Kahuna ATM Solutions are pleased to announce the release of a new white paper, The Long Road to EMV: An In-Depth Look at EMV & How It Will Impact IADs.
The free white paper covers: the reasons the U.S. is moving to EMV, the importance of a common debit solution, the cost of fraud vs. the cost of migration, how EMV will / will not benefit independent ATM deployers (IADs), the move to mobile technology and how it could leapfrog EMV, implication of the liability shift for IADs, and the need for education once EMV technology is in place in the United States.
The Long Road to EMV: An In-Depth Look at EMV & How It Will Impact IADs is the second in a series of white papers produced by ATMIA and Kahuna focused on the issues raised by IADs in the 2013 U.S. IAD survey.
The survey found that complying with EMV migration deadlines was a major concern for IADs with 50 percent of respondents indicating it is one of their biggest legislative / compliance / network fears, worries or concerns.
"There are many steps that must be taken before EMV transactions can be processed at ATMs in the United States," says U.S. ATMIA executive director David Tente, who represents the ATM industry on the EMV Migration Forum. "This white paper will help IADs understand what those steps are and what needs to be accomplished before their customers can perform chip and PIN withdrawls."
With full liability shifts for MasterCardÂ® ATM transactions just three years away, the question facing IADs is â€” would the money you will be required to spend in order to migrate to EMV be better spent on leapfrogging it altogether and moving to newer technologies such as mobile and cardless transactions that could also solve the fraud problem, says Bryan Bauer, president of Kahuna.
â€śI believe IADs will find the white paper very informative,â€ť says Bryan. â€śThe better we understand the implication of the liability shift, the better prepared we will be to make informative decisions that could affect our businesses for years to come.â€ť
The paper can be download from the ATMIA and Kahuna websites.
ABOUT ATMIA â€” The ATM Industry Association, established in 1997, is a non-profit global trade association with approximately 3,700 members in 60 countries. As an independent, non-profit trade association, our mission is: to promote ATM convenience, growth and usage worldwide; to protect the ATM industry's assets, interests, good name and public trust; and to provide education, best practices, political voice and networking opportunities for member organizations. If you wish to join, please contact a member of the ATMIA team. Follow ATMIA: LinkedIn, Twitter, YouTube.
ABOUT KAHUNA â€” Kahuna ATM Solutions is the ATM industryâ€™s ONLY business development service company dedicated to the success and profit maximization of independent ATM deployers and ATM operators. Originally founded in 1995, Kahuna ATM Solutions has been considered a trusted industry leader for over a decade. Currently, the Kahuna affiliate network contracts for the processing and management of more than 20,000 ATMs across the United States; accounting for over 70 million transactions annually. Visit www.KahunaATM.com or call 1-888-357-8472 to learn more.
Source: Company press release.