What is EMV?

Fewer data breaches.

The new mandates will actually help credit card processing to become more stable and secure.
Participating U.S. merchants will be required to maintain full software and hardware upgrades,
increasing their edge against data breaches. The mandate promotes immediate liability focus on
the party containing “lesser” technology. In short: A consumer using old EMV technology will be
recognized as at fault in the event of fraud. And because companies will maintain “higher” technology
than surrounding entities and consumers, this will add further protection, as the superior technology
will likely outrun malicious data breaches. The new EMV technology renders extracted information useless.

The new liability shift.

The EMV Compliance Mandate isn’t just a software update. Its attached Liability Shift may affect
your business’s transaction policies. USAVisa.com contains the shift’s entire working, and, as per
their description: “When a transaction occurs using chip technology, any liability for counterfeit fraud,
though unlikely, would follow current Visa Operating Regulations.” In other words, this shift will greatly
reduce your business’s fraud liability, assuming your software and hardware is up-to-date. If and when
fraud occurs, new standards will neutralize losses while protecting you from liability. Within the
financing world, such a shift is incredibly significant: Reduced liability and expenses can be re-balanced
and shifted to other business areas.

Fewer fraud-related chargebacks.

Historically, credit transaction authentication and completion has been tied to fraudulent chargebacks.
However, EMV’s updated technology will reduce fraud-related chargebacks due to the following mechanics:

• Increased protection against card skimming
• Increased protection from magnetics strips
• Dynamic authentication possibilities

Reduced fraudulent charges similarly boost a company’s ability to reallocate resources.

While merchant services should always be treated with high security, EMV compliance will greatly

enhance a business’s processing and transaction flexibility and security.

Staying aware: adapting to the change.

Point-of-sale security is still important, and maintaining a healthy workplace promotes sustainability
and protection. To ensure your employees and relevant decision-makers are up-to-speed with new
security standards, it’s important to:

• Create a relevant business plan before changing to new technology
• Immediately migrate to new EMV standards
• Train product awareness

New hardware and software changes may take time for adoption, but supporting network connectivity
and internal effectiveness will ensure heightened protection. It’ll put your business ahead of the curve,
security-wise.