GET THE FACTS ABOUT EMV AND CARD-NOT-PRESENT FRAUD
EMV is the buzz for retailers migrating to new terminal technology in the US and the deadline is right around the corner for US merchants, October, 2015. EMV stands for Europay, MasterCard,Visa and was introduced in the 90’s and has replaced the magnetic stripe in Europe. The benefits for US merchants in the retail market is that the Chip embedded credit card is used in person and creates a unique code that cannot be re-used. Further benefits if a card is stolen and a new counterfeit card created the unique code would not be usable and any future fraudulent attempts would be declined at the point of sale transaction.
Good news for retail how about the hundreds of thousands of online merchants? Since the Chip cards will make it harder for fraudsters to clone credit cards they will make their move to the Card-Not-Present online businesses. History has a funny way of repeating itself, when Europe transitioned to EMV the CNP merchant experienced an increase of fraudulent transactions from £45 million to £181.7 million five years later, ouch!
How can online merchants protect themselves from these fraudsters? Do your homework by seeking reliable authentication technology providers,Verified by Visa, MasterCard Secure Code, Hosted Tokenization and Risk Management tools. You have worked hard to build your business online so keep your eye on the ball and get the facts today! The liability is about to shift to the merchant.
Free Consultation email Tina@paylab-plus.com or call 888.413.9186.