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.