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EMV in the USA
Industry watchers estimate that there will eventually be more than 575 million EMV
chip-enabled payment cards in circulation in the U.S.
CARDS WILL TRANSITION
1.2 B The U.S. is set to transition
more than 1.2 billion payment cards and 8 million
point-of-sale (POS) terminals to meet EMV requirements.
As more EMV chip cards are issued and more merchants begin to upgrade their technology to be EMV capable, consumers will begin relying on using
their EMV chip cards more and more. Ensuring your business is ready for this new technology will not only help you protect your business from potential
liability, but also will show your customers that you care about the security of their data.
EMV represents a more secure future for card payments, and promises to reduce card fraud and counterfeiting, potentially transforming the landscape
for payment processes in the United States.
NEW EMV CARDS
575M
Why EMV is Important Now
A primary way cybercriminals use stolen credentials is to create a false card to impersonate the actual card. As criminals recognize EMV implementation is underway, they tend to increase fraudulent activity.
Protect your business from credit card fraud liability.
Businesses still using magnetic stripe terminals after October 1, 2015, are on the hook for the costs if someone uses a lost or stolen credit card.
Reduce liability costs.
EMV is the future of payment transactions; show your customers that you are concerned about the security of their data by implementing an EMV capable system.
Show your customers you care.
What makes EMV more secure?Unlike a magnetic stripe cards, EMV chip cards send data that changes with each transaction. EMV chip cards transmit a variable algorithm with each transaction, making the data more secure than the static data found on magnetic stripe cards.
The buyer inserts the card into an EMV
reader or taps it on a contactless sales
terminal to make a transaction, with no hand
off of a card number to the merchant and
no swipe.
Only EMV-enabled terminals can read and
decode the card.
The EMV technology makes it virtually
impossible for thieves to duplicate cards,
thereby reducing card fraud at the point
of sale.
Why EMV?Although EMV chip cards are new in the United States, the benefits of
this technology are too significant to overlook. The reason for their popularity is simple: They dramatically reduce card fraud. Although the technology is still not widely known in the United States, the benefits
of EMV are too significant to overlook for long.
TRANSACTIONS
25%LOSSES
$10BFRAUD
2XFRAUD
-27%
Although the United States
accounts for only a quarter of
the world’s payment card
transactions, more than half
of all fraudulent card
transactions happen here.
Losses due to card fraud in
this country are expected to
top over $10 billion in 2015.
Credit card fraud rates have
doubled in recent years,
representing 10 cents out of
every $100 transacted.
Europe has already greatly
reduced card fraud with
EMV. For instance, fraud in
the United Kingdom dropped
27 percent between 2007
and 2012, the years when
EMV cards became widely
accepted in that country.
EMV is the Future,Arriving Very Soon
The date of reckoning for EMV cards is swiftly approaching. After October 1, 2015, if a consumer
uses an EMV chip card with a merchant who doesn’t have an EMV-compliant terminal, and the
transaction is found to be fraudulent, the liability for any charges is left with the merchant.
The Impact of EMVon your Business
The U.S. is the last member of the top 20 world economies to commit to a domestic or cross-border liability shift associated with chip payments. Named for the three companies that created it – Europay, MasterCard, and Visa – EMV is a tiny chip
embedded in payment cards that is virtually impossible to counterfeit and offers stronger security than magnetic stripe cards. As its adoption grows, consumers will soon begin using EMV chip cards in all their card transactions.
3/41/2
EMV offers a choice – merchants can either eliminate risk by upgrading their systems, or do nothing
and simply live with the possibility of taking a major hit due to card fraud sometime down the road.
As they become more aware of EMV’s ability to keep their data safe, consumers will naturally
gravitate towards it. And if you’re not ready to take an EMV payment, it will translate into lost
business—business that you can’t afford to lose.
According to market research by Javelin, more than half of small
business owners have little or no knowledge of EMV - or this
upcoming liability shift.
Not surprisingly, nearly three-fourths of small business
owners have no plans to upgrade to EMV compliant terminals by
the end of 2015.
By upgrading to an EMV capable Point of Sale system, you can eliminate any potential exposure or losses to credit card fraud because
of counterfeit cards.
The main reason cited for not upgrading,a lack of knowledge about EMV.
The clock is ticking. Make sure you've taken all the necessary steps to avoid potential liability costs from fraudulent non-EMV transactions. Develop your EMV® action plan today.
October 1st 2015 Will Be Here Soon.Don't Wait Until It's Too Late!
Are you prepared for the EMV deadline?
What you need to do to get ready:
2015Oct 1
Talk with your First Data Relationship ®
capable solutions they are certifying. If you develop your own solution you should contact your First Data relationship manager to secure your space on the EMV Certification Solution calendar.
Talk with Your First DataRelationship Manager
Begin preparing your location(s) by talking to the store operators and teams about EMV®. Your customers will start to see cards arrive from their issuers and will want to begin using them at your location(s); take advantage of the ‘new-ness’ factor to get the teams excited.
Prepare your location(s)
Develop a training plan for all of your employees so that every employee knows how the new Security and EMV® capable solutions operate so they can help educate your customers on how to use their newly issued card correctly.
Develop a Training Plan
Continue to take advantage of training, thought leadership and additional information through your First Data Relationship Manager.
Ongoing
Go to www.firstdata.com/emv for additional information about EMV®.
Get More Information
Perform an analysis of what it will cost to update your locations(s) to EMV® capable solutions.
Preform a Cost Analysis
Develop a marketing plan that promotes your adoption of Security and EMV® capable solutions; let your customers know you care about protecting their data.
Develop a Marketing Plan
Implement the new Security and EMV® capable solutions in your location(s). Execute a training plan for employees and a marketing plan for awareness.
Implement New Solutions
Contact your First Data relationship manager or log on to Firstdata.com/EMV for more information.
© 2015 First Data Corporation.All rights reserved. Share on Facebook Share on Twitter Share on LinkedIn
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