New EMV Guidelines
October 1, 2015
What is EMV?
EMV is a global payment system that uses a computer chip that is embedded into credit cards and debit cards. This particular chip makes credit cards less vulnerable to fraud when you’re dealing with in-person transactions. This technology was developed by EuroPay, MasterCard® and Visa® (EMV). EMV chip cards greatly improve transaction security, promote a common cardholder experience and improve customer confidence. This computer “chip” stores information, performs processing, and contains secure keys which help to generate the cryptographic data. The most important feature of EMV is dynamic data generated with each transaction. Because this is safer and uses better data security, the United States is adopting this new system to protect all credit card users.
Why EMV?
The dynamic data generated when EMV transactions are performed make it nearly impossible to create counterfeit cards, or replay intercepted transactions to retrieve cardholder data. Card issuers are sending consumers new credit cards that have the chip to reduce the risk of credit card fraud.
When do the new EMV Guidelines take effect?
On October 1, 2015, any merchant who does not have equipment to accept EMV chip cards may be held responsible to pay for losses resulting from fraud. For Audomated Fuel Dispensers the responsibility shift does not take affect until October 1, 2017.
It is possible that your existing equipment may be upgraded to be EMV compliant with the addition of a new PIN pad and an updated file download.
