According to PaymentSource, 75% of all merchants will not be equipped to process EMV cards on October 1st. With theEMV liability shift for fraudulent transactions, some merchants have decided that making the switch to an EMV compliant terminal isn’t worth the expense, just yet. Perhaps yourprocessor does not offer a viable EMV solution for your business. Or possibly, you’re using a point of sale system that has yet to roll out their EMV solution.
Whatever the case, starting October 1st, you as a merchant, are 100% liable for fraudulent credit card transactions at your place of business, if the (fraudulent) card presented has an embedded chip for EMV. If there is no chip on the card, nothing changes. But, implement an EMV enabled terminal and you’re off the hook completely. So, to avoid EMV liability, contact your processor today to enable your business to accept EMV.
To learn more about EMV, and how to manage costs from your processor, download our complete payment processing eBook: Credit Card Processing 101 eBook
From a security perspective, EMV is one part of an overall technology strategy each business should be taking to prevent losses due to fraudulent activity and card theft. In fact, Europe saw a 91% decrease in retail fraud after implementing EMV.
Following are three, non-technological solutions, you can implement today that will significantly reduce your exposure to fraud.
Observe:
Unfortunately, someone using a stolen credit card won’t be wearing black&white stripes and a mask. It is important to be alert to anything suspicious when making transactions. One thing to look for are people who are quickly making unusually large purchases, without spending much time “shopping”. This isn’t always a thief, of course, but it is a quick way to put you on alert.
Last four Match:
Whether or not you have a suspicion when processing a transaction, it is important to be sure the last four digits embossed on the credit card match the last four digits on the receipt from your terminal. This ensures that the data on the magnetic stripe matches the card number on the front of the card.
Ask for ID:
Always verify that the ID is legitimate, and that the signature from the receipt matches the one on the back of the card.
Go CardConnect is dedicated to protecting your business from fraud and EMV Liability. With a wide range of EMV enabled devices andcustomized solutions for retailers and medical professionals, Go CardConnect is your true partner in processing payments.
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