Log In

866.720.0644

The World's Best Merchant Service Provider

Blog


The WHAT, WHEN, WHERE, WHY, and HOW of EMV

September 7, 2015

WHAT

EMV stands for Europay MasterCard Visa and are all the new credit cards coming out with the embedded microchip.

WHEN

In October, 2015 the much anticipated migration to EMV cards is due to take effect in the United States.  

 

WHERE

Europe, Canada, Latin America, and the Asia/Pacific region have long adopted this technology with the U.S., the world’s largest user of payment cards, being the last to ditch the magstripe and join the chip card revolution.

WHY

The chip card was designed as a means for reducing the #1 crime in the world—credit card fraud. While merchants are not required to make the shift to EMV, according to MasterCard, “The party, either the issuer or merchant who does not support EMV, assumes liability for counterfeit transactions,” and no one ever thinks it will happen to them, which is why hackers just keep getting richer.

HOW

EMV cards reduce fraud by:

  • Regenerating a unique code each time the card is used
  • Utilizing chip/pin or chip/signature technology simultaneously to doubly protect the user
  • Straying away from the magnetic stripe, considered a highly insecure way to process

ARE YOU PREPARED TO MAKE THE SHIFT TO EMV?

RIVERSIDE CAN HELP.

http://riversidepayments.com/Contact




Return to Blog Main Page