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Shift Happens. What You Need to Know About EMV & The October Deadline

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Shift Happens. What You Need to Know About EMV & The October Deadline

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Ready or not, the EMV mandate and merchant liability shift is on its way. How will it impact your business? Find out in this slideshare.

Ready or not, the EMV mandate and merchant liability shift is on its way. How will it impact your business? Find out in this slideshare.

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Shift Happens. What You Need to Know About EMV & The October Deadline

  1. 1. What You Need to Know about EMV & the October Deadline Shift Happens.
  2. 2. CHANGEis coming to the world of payments
  3. 3. U.S banks are issuing new payment cards with computer chips to consumers. Did you get yours yet?
  4. 4. U.S. merchants are being urged to implement NEW chip-certified terminals to accept chip cards …
  5. 5. in preparation for little letters that carry3 implications …
  6. 6. EMV
  7. 7. WHAT’S EMV?
  8. 8. A set of specifications for chip cards and devices used for authenticating credit & debit transactions. It’s named after its original developers: Europay … MasterCard … VISA
  9. 9. ALL THE BUZZ? WHY
  10. 10. EMV chip technology is proven to significantly reduce card fraud resulting from counterfeit, lost and stolen cards.
  11. 11. Currently, when using magnetic stripe cards, data is exposed, being decrypted, and then encrypted several times through the transaction. Also, data from a magnetic stripe card does not change. It is static authentication.
  12. 12. Because magnetic stripe data doesn’t change, it can be skimmed easily, leading to fraudulent use and the production of counterfeit cards.
  13. 13. EMV chip card technology, on the other hand … is more secure AND therefore, reduces fraud.
  14. 14. Data passes through the same stops as the standard methods, but is never decrypted, and therefore, never exposed.
  15. 15. In addition to encryption, each EMV chip card transaction is assigned a unique one-time-use token, which is then destroyed once the transaction is complete.
  16. 16. SHOULD YOU CARE? WHY
  17. 17. At the moment, merchants aren’t required to support EMV in the U.S. This WILL change The nationwide shift will become REGULATION.
  18. 18. The shift to EMV also brings new liability rules.
  19. 19. It’s IMPORTANT to know this: Starting October 2015, the institution with the lesser technology will be liable for the costs associated with card-present counterfeit fraud.
  20. 20. An Example: If a merchant is using an old system, they can still run a transaction with a swipe and signature. if the customer has a chip card.they will be liable for any fraudulent transactions if the customer has a chip card. BUT
  21. 21. Conversely, if the merchant has an EMV-enabled terminal but the bank hasn’t issued a chip card to the customer, the bank would be liable.
  22. 22. Merchants WILL NOT own the liability for any transaction where a chip card meets a chip reader as the result of the dynamic authentication it offers.
  23. 23. Merchants should make sure ALL their terminals are EMV-enabled so they can accept chip cards and properly protect their business from risk and fraud. In Summary:
  24. 24. WHAT HAPPENS NEXT?
  25. 25. Our goal at Constellation Payments is to make migration as easy as possible. To that end, we’re well into our EMV migration project — including the development of an integrated terminal solution.
  26. 26. We’re currently in the process of certifying a range of EMV-compliant terminals, from simple countertop devices to more robust touchscreens with greater functionality. Once the certification process is completed, we’ll supply the terminals to the clients of our channel partners, as well as provide support options.
  27. 27. Our channel partners WILL NOT have to go through the EMV certification process or certify their pathway.
  28. 28. You won’t have to do anything, but use the simplified specs we provide for a quick and smooth integration. Specs are available at … labs.csipay.com.
  29. 29. Protect Your Business From Risk & Fraud. Call: 267.287.1035 Email: rellis@csipay.com Contact us to learn more …

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