Heritage Bank of Nevada’s Business News
June 2014
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Changes to Magnetic Strip Cards and Card Readers
Magnetic strip cards are being enhanced to include a chip.
by Audrey Tedore, Marketing Director

What is EMV?
EMV stands for Europay MasterCard Visa.  EMV will be the industry standard for accepting credits in the very near future.  EMV features a chip that resides on the credit card and allows for a much higher level of security for customers and merchants. EMV is the world standard.

Big box retailers are beginning EMV deployment.  Wal-Mart terminals are EMV enabled but en masse lack the software kernel to process EMV transactions.  Best Buy and Home Depot announced plans to be EMV compliant.  Most smaller retailers are taking a wait and see approach.  They need to be conscious of the impact of compromise and the threats of future ones.

October, 2015 the fraud liabilities will shift from banks to businesses:

Liability Shift Dates:        VISA                          MasterCard
P.O.S.                                October 2015            October 2015
ATM                                   October 2017            October 2016
Pay at Pump/Gas                October 2017            October 2017

The US averages $10 billion in fraud as compared to Europe at $1 billion annually. The chip has associated keys and cryptogram processing which make the transaction unique.  A chip card transaction is not swiped.  The card is dipped into the reader and remains there for the life of the transaction.

Heritage Bank’s support system’s internal processing capabilities are currently EMV-enabled and capable of processing EMV transactions.  We will soon be capable of issuing EMV cards for MasterCard® that utilize the Accel® debit payments network.


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Disclaimer - All content contained in this newsletter is for informational purposes only and should not be relied upon to make any financial, accounting, tax, legal or other related decisions. Each person must consider his or her objectives, risk tolerances and level of comfort when making financial decisions and should consult a competent professional advisor prior to making any such decisions. Any opinions expressed through the content in this newsletter are the opinions of the particular author only.

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