EMV chip card Blog Posts

By The High Risk Guys

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Congress Knows They Have a Data Security Problem, and the Credit Card Industry is Here to Solve It

Congress has finally admitted that they need to act about the issues involving data theft. From last year’s Target/Neiman Marcus data theft to June 2014’s PF Chang’s data theft, there is a massive need for data security reform. However, while Congress is “interested”, the card companies already have a fix. Data theft can occur in many ways. The “old fashioned” method of sticky tape on ATM machines is still used by some, however newer data thieves are more brazen and more tech savvy. With the Target data breach, a foreign hacker managed to hack into terminals via a computer virus. […]

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Data Thieves are Branching Out from Cardholder Data

Cardholder data has and still is the largest target for data thieves. However, hackers are beginning to build diversified portfolios. More and more of data breaches are involving data other than cardholder data. The U.S. is the prime location for hackers because it still uses 43-year-old technology in payment cards with magnetic strips. According to ISO – Industry News, 42% of all malwares reside in the U.S. The U.S. is making the transition to EMV chip-based cards soon, with a deadline of October 2015. After that date, there will be a fraud liability shift affecting those who are unprepared for […]

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Experts Say Most Merchants Won’t be ready for EMV Chip Card Conversion Deadline

The October 2015 deadline for the U.S. payment industry to integrate embedded chips into their charge cards is quickly approaching, and most merchants won’t be ready to accept the new cards says a recent Digital Transactions News Survey. Card issuers and merchants have been told to prepare for a nationwide rollout for the Europay-MasterCard-Visa standard (EMV) chip cards, a 20 year old card standard that has been in circulation in most developed countries for some time. Once the 2015 deadline occurs, the liability for card fraud shifts to those parties not equipped to accept EMV chip cards. Gas stations have […]

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DNT Survey Finds that Few Will Be Ready for EMV

The recent rise in cyber hacking has led to the rush to switch to chip and PIN technology. While it is set to hit the market in 2015, many vendors are going ahead and making the switch via their store-specific credit cards. While this is great, a recent Digital Transaction News, or DNT survey found that many “average” merchants were actually prepared for the change. About two-thirds of respondents say no more than 40% of merchants will be ready to perform chip card transactions using the Europay-MasterCard-Visa standard. The survey asked how many merchants will be ready by October 2015 […]

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U.S. EMV Liability Shift Deadline May Face Postponement

October 2015 is the first deadline for the transformation of U.S. credit and debit cards from the current magnetic strip cards to smart cards embedded with a chip. After the deadline the liability for fraudulent transactions will be on merchants who don’t support the EMV chip card standard. This however, is dependent on the deadline not being postponed as many in the payments industry speculate. There are a few reasons for the speculation. Firstly because the U.S. District Judge Richard J. Leon in Washington, D.C. ruled that the Fed hasn’t followed Congress’ aim of implementing the Durbin Amendment’s interchange price […]

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NRF Gives Testimony on Cyber Security

The National Retail Federation told a congressional panel that the retail industry is committed to safeguarding and protecting consumer data and information from highly motivated and sophisticated cybercriminals and hackers. This comes after many mass-hackings, such as the Target data breach in 2013 and the newly announced Michael’s data breach. Not only are consumers at risk from these breaches and hackings, but so are retailers, as they are at risk of losing business. NRF supports the immediate switch over from the current signature cards to chip and PIN cards.  The chip and PIN cards have been used in Europe, and […]

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Visa and Mastercard Unite in Attempt to Strengthen Security

In the aftermath of the Target data breach scandal, Visa and Mastercard have teamed up to create a cross-industry group that will aim for tighter plastic card security. The first task of this group is to enforce the EMV chip technology for plastic cards, as is used across Europe. This is not only fantastic news for consumers, but also for retailers who hope to regain their sales from plastic card transactions. Visa and Mastercard have not named any members of their new collective. However, they say it will include banks of all sizes, credit unions, retailers, point-of-sale device manufacturers and […]

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Experts Show Conflicting Opinions on the True Effectiveness of EMV Chip Cards in Providing Data-Breach Security

The December 2013 data-breaches experienced by both Target Corp. and the Neiman Marcus Group, in addition to a few other retailers, have shown a spotlight on the issue of card data security. More specifically the use of EMV technology to provide better security in credit cards, versus the traditional magnetic strips that are currently used in the U.S. Although many experts believe that the new EMV chip card technology will be sufficient to deter security data breaches in the future, other experts caution that EMV chip card technology, coupled with compatible point-of-sales terminals would not have been enough to prevent […]

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