The nationwide shift to the EMV (Europay, MasterCard, and Visa) standard is underway, as the October 1st deadline has passed. Here are five things to keep in mind:
- EMV is a global payment system where a microprocessor chip is implanted into debit and credit cards, making them less vulnerable to fraud for in-person transactions.
- They’re less vulnerable because every time an EMV card is used for payment, the card chip creates a unique transaction code that can’t be used again.
- While the first round of EMV cards is equipped with both chip and magnetic-stripe functions, if you swipe your EMV card, your information is still vulnerable. Therefore, you’ll want to stick with the chip method whenever possible.
- Now that the October 1 deadline has passed, whichever party is least compliant in a fraudulent transaction will be liable. If you’re a vendor that processes cards, and you haven’t updated your system, that means you.
- If you process credit cards and have not made the shift, we recommend doing so immediately. Talk to your point-of-sale software vendor to expedite the EMV software update, and train staff accordingly.