Facts You Should Know
The United States is the last major country to still be using the magnetic-stripe cards.
50% of credit card fraud worldwide comes from the U.S. which only makes 24% of all credit card sales. Fraud in the US has increased as the world has become more secure. The traditional swipe credit cards are more insecure because they have static data and can be easily cloned.
The EMV Chip is the reason the rest of the world is more secure and by October 2015, the US will officially be adopting this secure measure.
EMV stands for Europay, MasterCard and Visa and is a global standard for cards equipped with a computer chip. The technology used to authenticate chip-card transactions has changed as each transaction uses a new encryption for every sale, making sales more secure.
If a hacker stole the chip information from one specific point of sale, duplication would never work because the stolen transaction number created in that instance couldn’t be usable again and the card would just get denied.
In order to use the EMV cards a new terminal, equipped with a a slot to insert or “dip” the card into the reader, must be used. The card is left in place for the entire sale as the reader and card talk back and forth.
Listed here are at least three of the more popular solutions for companies to choose from to solve the new processing of EMV cards. Companies will have the expense of purchasing a new terminal or processing device. Terminals can cost $1000 more of less. Alternative solutions would be to purchase the new Square Reader or PayPal Here for a tablet or phone. The new Square Reader or PayPal Here reader has the EMV chip reader enabled. Please note: there are many other systems out there that might be a better fit for your company. Using a mobile device for processing requires a secure WiFi connection.