EMV Blog Posts

By The High Risk Guys

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Closeup shot of a woman passing a payment credit card to the seller. Girl holding a credit card. Shallow depth of field with focus on the credit card.

According to the Paychex Inc. Small Business Survey, restaurants and retailers have the highest level of awareness of EMV and its liability shift among other merchants. Paychex Inc. is a New York-based payroll and tax-service provider. More than 760 small-business owners participated in the mentioned survey between Oct. 14 and Oct. 27. Retailers and restaurants together made up 69% among other participants and were well aware of the EMV liability shift. Merchants who were well equipped to accept EMV transactions counted for 29 percent as compared with 49 percent of merchants involved in the restaurant and retail industries. Merchants representing […]

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Is Your Business’s POS System Compatible with EMV Technology?

Payment on a credit card through the terminal

If you were completely unaware of the October 1, 2015 EMV card deadline, don’t feel bad. You are not alone. However, you should be aware that if you have not prepared for the conversion to chip-and-pin technology, your small business could be at risk. According to a recent survey by small business community Manta, 28% of small business owners reluctant to adopt chip technology explained that it was because they did not know what EMV technology is. If you are part of that 28%, there are some things about EMV you need to know. EMV (Europay, MasterCard and Visa) cards […]

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EMV Adoption is Off to a Rough Start | Is Your Business Prepared for the Shift?

Paying with credit card

Leading up to the October 1, 2015 EMV liability shift deadline, experts cautioned that the U.S. was not as prepared for the EMV adoption as it should be. Now that the deadline has come and gone, it is evident that the adoption of EMV has indeed suffered. Why? The pure lack of education concerning EMV is responsible. The new smart chips, embedded with EMV, are intended to make credit card fraud less likely. The rest of the world has already adopted EMV. The U.S. is the last, major market to do so. The risk that merchants have in not updating […]

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Subscription Merchants Hit with EMV Problems

Stress And Still Working

While EMV cards promise consumer security, they are coming with a big cost to some subscription service merchants. When new cards are issued, new numbers are issued, thus voided the old payment methods for customer subscriptions. If a customer forgets to change their card information, a chargeback can hit the merchant, causing a world of chaos. Since those in the subscription services are already considered “high risk”, this brings an added weight to the industry. While the majority of people will change their card info for subscriptions, some do not. Some forget, or some simply do not think that it […]

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New Concern is that Chip-and-Signature is actually “Worthless”

Many were hoping that the implementation of EMV would play a major role in shutting down the spike in fraudulent activity that has affected so many consumers in recent years. It was reported that 56 million cards were compromised in the Home Depot breach of 2014, and 40 million debit and credit cards were compromised in the Target holiday breach. While the hope was that the U.S. would move to the chip-and-PIN system, the migration to chip-and-signature cards has left many feeling there is much to be desired. Mike Cook, the senior vice president and assistant treasurer for Wal-Mart called […]

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The number of EMV Chip Cards in the US Estimated at 800 Million by End of Year

A survey of the changing trends in the card payment industry has projected that approximately 800 million payment cards that include the debit and the credit cards are likely to have the EMV chips. For many people around the world, these Europay, MasterCard, Visa (EMV) debit and credit cards are not just a preference, they are basic requirement. The increased levels of technical fraud that threaten the safety of people’s identities and expose merchants and clients to the risk of great financial losses has made the need for EMV cards even more urgent. The promise to have debit and credit […]

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Full EMV Integration Likely to Take Time, But It’s Worth the Wait

A possible question regarding the new debit and credit cards embedded with the EMV chip would be why it is taking too long for their issuers to make them available for circulation.  Why, you would ask, don’t they just issue out the cards the same way the normal credit or debit cards are usually issued? The list of questions people are likely to ask regarding these cards is long. But the reality is that there are quite a lot of logistical procedures involved with the issuance of these cards. It is these logistics that may explain the great disparity existing […]

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Broad Use of Tokenization Could Help Those With a High Risk Merchant Account

If asked, could you explain tokenization to your customers? Would you be able to tell them what the advantages would be if you offered a tokenization payment platform? For those who are not up-to-date on all of the new technology, tokenization could replace all the information that is contained in the magnetic stripe on the back of a credit or debit card. This would mean that stealing the information contained on the stripe would be virtually impossible. For those with high risk merchant accounts, when a customer makes a purchase online, they input their card information into your checkout system […]

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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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