An important change is happening now to card payment systems. The U.S. is now adopting the more secure EMV chip card payment standards. EMV technology, already the standard in many other countries, was developed by Europay, MasterCard, and Visa, and now includes Discover and American Express.

Here's what we've learned so far:

  • EMV prepares your POS equipment to accept mobile wallets and contactless payments, giving customers more purchasing options with EMV chip cards, smart phones, and other devices.
  • EMV technology reduces card-present fraud. In the U.K., fraud decreased by 69 percent over 5 years after EMV conversion. In Brazil, counterfeit fraud decreased 80 percent; in Malaysia, fraud declined by 84 percent.
  • Fraud is migrating to card-not-present (CNP) fraud because card-present fraud is more secure with EMV. If you process any card-not-present transactions, be sure to use all security precautions available, including Address Verification Service (AVS), Card Security Codes (CSC), and fraud filters.
  • Since EMV merchants are more secure, counterfeit fraud moved to non-EMV merchants. Fraud is also migrating to non-EMV countries and regions. Until you have EMV POS equipment, you'll risk being targeted by fraudsters for a data breach. It's not too soon to start planning your EMV upgrade strategy.
  • Don't wait until the last minute. You'll want to have equipment and procedures in place and be EMV-certified well before the October 1, 2015 liability shift date.

Action you can take now
If you upgrade your equipment, be sure to choose EMV-compatible equipment. You want to ensure your new equipment won't be obsolete soon. Make sure to talk to your software provider to see if they will be providing an EMV-compliant device for your system.

It's not too early to start planning your EMV upgrade. Allow time to order equipment, install, test, and train your staff. One of the most important lessons learned during Canada's conversion was that merchants and suppliers should start planning their EMV conversion well in advance.

As AAHA's preferred payment processor, contact us, Wells Fargo Merchant Services, at 866-319-9466, with any questions regarding this initiative, or visit us online for more information.


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