If you do not have a chip embedded card now, you will shortly. Chip cards are now the rule instead of the exception. Why you may ask, did we have to do this change?
In a word, FRAUD! And surprisingly enough, the United States is the last modern country to adopt this simple yet effective system for credit card processing.
Several things to take note of if you are a merchant or just using your card to purchase goods and services:
• 31.8 million US consumers had their credit card information stolen last year – almost 3 times more than had been stolen in 2013. According to a report from Barclays earlier this year, almost half of the world’s credit card fraud occurs in the US.
• You can still use your magnetic stripe cards if you have them, but beware of any store that forces you to swipe your card as opposed to “dipping the chip”. Old terminals will be even more susceptible to hacking until they are upgraded.
• Tough luck for online shopping:
○ There are still limitations to these new cards. EMV chips will prevent a thief from making a copy of your card but it will not stop them from stealing your online payment credentials. NerdWallet found that online fraud in the UK has risen 120 percent over the last 10 years. Consumers need to be diligent in their online shopping and make sure you are on a reputable site.
○ For merchants, the banks are no longer responsible for fraudulent transactions that happen in your business. If you do not follow protocol, and fraud occurs, your business can be liable for the entire amount of the transaction.
For more information, please contact Performance Merchant Alliance at www.permerch.com
Distributed by Mobish Mobile Corp
Company Name: Performance Merchant Alliance
Contact Person: Pamela Andrews
Phone: (844) 584-3108
Country: United States