EMV Cyber Liability
I don’t want Summer to be over, but I need to jump to October 1 for just 5 minutes. Credit card fraud is a term everyone is probably sick of by now, never mind the actual excitement of finding that odd charge on your credit card statement or your bank account being all but wiped out. I’ve had the pleasure of this myself but there’s no way I’m giving up my plastic! Well, up until now, most of these charges have been covered by the credit card companies and banks…that changes in October. The nationwide shift to EMV is well underway to protect against EMV Cyber Liability. EMV -- which stands for Europay, MasterCard and Visa -- is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions.
If you’re a merchant who takes credit cards or a person who uses credit or debit cards, remember the letters and term EMV. Cyber Liability. If you haven’t heard of EMV yet, you will soon (if the media can take a quick break from the election that’s a mere 14 months away). Now to the serious part…after October 1, whoever has the least EMV-compliant technology (either the merchant processing the transaction or the card issuer), will be liable for the costs of the fraudulent charges. Read that sentence again.
The immediate impact of this shift is on the face to face transactions, but other liability shifts are scheduled for the future. To help you prep for this change, we’ve broken down some highlights, things to consider, and ways to work with your providers to make sure you’re ready. Click here for the full document.
The good news for consumers is the EMV technology should start to curb some of the fraudulent credit card charges, but if you’re a merchant make sure you’re prepared and if you haven’t looked at that Cyber Liability Insurance, it may be time to think about it again. Now, back to Summer.