{"id":6455,"date":"2015-10-05T07:25:56","date_gmt":"2015-10-05T12:25:56","guid":{"rendered":"https:\/\/digitalblogs.wpengine.com\/?p=6455"},"modified":"2019-09-30T18:53:44","modified_gmt":"2019-09-30T23:53:44","slug":"emv-fraud-liability","status":"publish","type":"post","link":"https:\/\/www.cainwatters.com\/digitalblogs\/emv-fraud-liability\/","title":{"rendered":"EMV-Readiness in 60 seconds"},"content":{"rendered":"<p>by Matt Sullivan<br \/>\n<span style=\"font-family: arial narrow;\"><img fetchpriority=\"high\" decoding=\"async\" class=\" wp-image-6521 size-full alignnone\" src=\"https:\/\/www.cainwatters.com\/wp-content\/uploads\/sites\/2\/2015\/01\/Chip-technology-image.jpg\" alt=\"Chip technology image\" width=\"675\" height=\"263\" srcset=\"https:\/\/www.cainwatters.com\/digitalblogs\/wp-content\/uploads\/sites\/2\/2015\/01\/Chip-technology-image.jpg 675w, https:\/\/www.cainwatters.com\/digitalblogs\/wp-content\/uploads\/sites\/2\/2015\/01\/Chip-technology-image-300x117.jpg 300w\" sizes=\"(max-width: 675px) 100vw, 675px\" \/><\/span><\/p>\n<p><span style=\"font-family: arial narrow;\">On October 1 regulations took effect in the United States shifting accountability for credit card fraud to the party using the least secure technology. And with EMV-enabled cards\u2014also known as chip or smart cards \u2013 becoming the standard for many banks and card issuers, it\u2019s important that merchants are EMV-ready to avoid potential losses.<\/span><span style=\"font-family: arial narrow;\">Here\u2019s what you need to know:<\/span><\/p>\n<p>EMV Basics and Background.<br \/>\n<span style=\"font-family: arial narrow;\">EMV\u2014which stands for Europay, MasterCard and Visa\u2014is a global payment standard that provides a consistent cardholder experience worldwide. The majority of developed countries in the world have employed EMV for many years, with the U.S. being the last to make the transition.<\/span><\/p>\n<p>How does it work?<br \/>\n<span style=\"font-family: arial narrow;\">EMV-enabled cards contain a computer chip that is activated and read when inserted in the card reader or tapped for contactless acceptance. The chip generates a unique security code for each transaction, making it more di\ufb03cult\u2014 and more expensive\u2014for cybercriminals to duplicate cards.<\/span><\/p>\n<p>How is it more secure?<br \/>\n<span style=\"font-family: arial narrow;\">The chip and terminal create dynamic information that is sent to the card issuer. This information allows the issuer to validate that the card is genuine, decreasing counterfeit fraud.<\/span><\/p>\n<p>What does this mean for my practice?<br \/>\n<span style=\"font-family: arial narrow;\">The best way to make sure your business is not targeted by fraudulent activity is by first assessing your current terminal and determining if it is compatible with EMV technology or if an upgrade is necessary.<\/span><\/p>\n<p>Is EMV acceptance a law that I have to comply with by October 1?<br \/>\n<span style=\"font-family: arial narrow;\">While EMV is not a law or mandated by the card brands, it is a good idea to consider avoiding costly counterfeit, lost and stolen card chargebacks and potential loss of business due to consumer payment preferences.<\/span><\/p>\n<p>Should I spend the money on upgrading if it\u2019s not mandatory?<br \/>\n<span style=\"font-family: arial narrow;\">With a liability shift approaching, responsibility for those potential fraudulent charges falls to the party using the least secure card acceptance technology. If an EMV-ready terminal is not installed, this means that the liability could shift to you and your business. By swiping a card through a non-EMV-compatible terminal, you could be facing losses due to chargebacks associated with the fraudulent charge.<\/span><\/p>\n<p><span style=\"font-family: arial narrow;\"><em>Matt Sullivan is a relationship manager with Heartland Payment Systems. For more information, visit<\/em> <a href=\"https:\/\/www.heartlandpaymentsystems.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">heartlandpaymentsystems.com<\/a>. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>by Matt Sullivan On October 1 regulations took effect in the United States shifting accountability for credit card fraud to the party using the least secure technology. And with EMV-enabled cards\u2014also known as chip or smart cards \u2013 becoming the standard for many banks and card issuers, it\u2019s important that merchants are EMV-ready to avoid [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":6522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[20],"tags":[],"ppma_author":[48],"class_list":["post-6455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-practice-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EMV-Readiness in 60 seconds - Cain Watters Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cainwatters.com\/digitalblogs\/emv-fraud-liability\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EMV-Readiness in 60 seconds - Cain Watters Blog\" \/>\n<meta property=\"og:description\" content=\"by Matt Sullivan On October 1 regulations took effect in the United States shifting accountability for credit card fraud to the party using the least secure technology. 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