The Shift to EMV: Perception vs. Reality
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With the October 1 liability shift looming in the U.S., there are many misconceptions surrounding EMV and what it means for consumers and merchants. Follow the conversation on Twitter: @Verifone #EMVchat
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The Shift to EMV: Perception vs. Reality
- 1. XXXXXXXXXXXXXXXX JOHNDOE XXXXXXXXXXXXXXXX JOHNDOE Total Purchase $52.50 CANCEL DONE X Chip cards are a more secure way to pay for U.S. consumers. ? EMV microchip LIABILITY SHIFTFRAUD DEADLINE What happens October 1, 2015? Payment devices must be EMV-ready or fraud liability shifts to the merchant. EMVWhat is it? DO I REALLY HAVE TO UPGRADE? XXXX XXXX XXXX XXXX JOHN DOE XXXX XXXX XXXX XXXX JOHN DOE Keep your card in the device while transaction completes. Sign or enter PIN as prompted. When the transaction is complete, remove your card. XXXXXXXXXXXXXXXX JOHNDOE Insert your card chip side up, with chip toward device. THE SHIFT TO EMV 2015 Stands for EuroPay, MasterCard & Visa. It’s the global standard for credit and debit payment cards, and terminals, based on chip card technology. LET US GUIDE YOU THROUGH THE SHIFT TO EMV. * Source: UK Card Association, 2013 http://www.theukcardsassociation.org.uk/wm_ documents/3533%20Fraud%20The%20Facts% 20FINAL.pdf EMV From issuers to merchants. Starting October 1, 2015 in the U.S., merchants will be responsible for any in-store fraud losses resulting from counterfeit mag-stripe cards. LIABILITY SHIFT EMV combats fraud. EMV should be part of a multi-layered approach to effective security that includes point-to-point encryption and tokenization. NOT A CURE-ALL Liberation shift for retailers. Today’s EMV-ready payment devices can do more than accept payments by driving new forms of commerce. They can transact rewards points, offer e-coupons and on-the-spot discounts. GROWTH Perception vs. Reality Longer lines in retail EMV 1-2-3 Why did I get a new card? Is this new card more secure? 1. WHAT CONSUMERS THINK EMV IS... 2. WHAT MERCHANTS THINK EMV IS... 3. WHAT THE MEDIA THINKS EMV IS... HARD DEADLINE “MIDNIGHT OCTOBER 2015” OCTOBER 2015 XXXX XXXX XXXX XXXX JOHN DOE 1. 2. 3. THE END OF DATA BREACHES EMV in the UK resulted in a 75% decrease in credit card fraud at brick-and-mortar stores over 8 years.* Tota l Purc hase $52 .50 CANC EL DONEX COST AND EFFORT TO BE EMV-READY 4. WHAT EMV ACTUALLY IS... 75%Decreased credit card fraud.