EMV- payments are coming, and they’re coming soon! The EMV liability deadline is October 2015 – under five months from now!
EMV is a joint, international effort between the card brands to increase card and cardholder security. Rather than relying on card magnetic-stripe technology (which is the same technology used in cassette tapes), EMV payments use “smart” or “chip” cards. The new cards encode a user’s account information in the embedded chip, which generates a unique, one-time code for each sale. This prevents the data from being stolen and used to create counterfeit cards.
Rather than swiped, smart cards will be entered into the terminal during a transaction. Consumers will also have to either a sign a pin pad or enter a PIN to complete a transaction. This all means that existing swipe terminals must be upgraded to EMV-compliant equipment in order to take advantage of the new security measures.
EMV Deadline — October 2015
The October 2015 Fraud Liability Deadline means that there will be a change in financial responsibility if a fraudulent transaction takes place. Merchants who experience fraud or chargebacks while using a non-EMV processing equipment will assume the liability for those transactions.
EMV Readiness Resources
As the deadline approaches, EMV education efforts are ramping up. Here’s a look at the ones we think are most helpful.
GoChipCard.com addresses the basics of how to identify and use a chip-enabled terminal, how to slide EMV cards into the readers and, most importantly, not to remove the card until prompted to do so.
SellSafeInfo.org was recently launched by the Electronic Transactions Association to help protect both merchants and consumers. The site is a one-stop information resource for merchants about today’s payments landscape.
emv-connection.com provides up-to-date information for all industry stakeholders on the status of EMV migration, along with tutorials and educational resources that will assist with migration.
Visa online EMV toolkit includes a step-by-step guide to adopting chip as well as videos, infographics, and other resources to help merchants make the seamless transition to chip-activated terminals.
Chip 360 from MasterCard is a campaign that aims to communicate actionable information, educate on steps to take and advocate why the change is needed to protect cardholders
Learn about EMV and chip cards with frequently asked questions from Discover Card and American Express.
Don’t Wait Until It’s Too Late
OMEGA Processing Solutions can upgrade your processing equipment to EMV-compatible terminals today at little or no cost. Contact your Account Executive or our Customer Service Center at 866.888.9724 Ext. 7 for more details.