Although a lot of technological advances began in
the United States, when it comes to the security of credit card transactions,
we have lagged behind much of the world. But that will be changing as EMV cards
become more commonly used here. Also known as chip cards, there is a small microchip embedded in them for enhanced security. EMV cards (named for the companies that
pioneered them: Europay, MasterCard and Visa) have become the standard in much
of Western Europe because of their ability to allow secure transactions over traditional cards. Using the old-fashioned
magnetic strip credit cards practically invites identity theft. Instead of
relying only on a signature and visual inspection of a credit card, the EMV
card requires use of a PIN and the additional data programmed into microchip,
which provide greatly enhanced security.
EMV cards will eventually replace
ordinary magnetic stripe cards. There are already a number of merchants in
Western Europe who no longer accept the magnetic strip cards. As
the far more secure EMV cards make their way into the United States, your
business will need the ability to accept them.While first used only for point of sale and ATMs,
more new equipment has recently been developed which will support card not
present transactions over the telephone and Internet. Whether your business
relies on telephone, Internet or in-store purchasing, EMV cards will become
more prevalent and eventually the norm for doing business. With any new
technology, difficulties can come with the benefits. Processing these more
advanced cards will require both new hardware and knowledge, which few of us
possess.
You cant afford to be left behind as methods of purchase change. In
order to benefit from changes in technology, you will need help from the
experts. Let EVS guide you in the right direction of fraud prevention
in this new generation of EMV cards.
[Contributed by EVS Marketing]
