16 Jan How is the U.S. behind the rest of the world in credit card security?
Apart from the United Sates, “swiping and signing” when making a credit or debit card is no longer used. Canada, along with nearly every other developed company uses EMV Chip & PIN technology for both credit and debit card transactions. In fact it’s ironic that the United States hasn’t adopted this technology, considering “the credit card is an American invention”.
What exactly is EMV Chip & PIN?
EMV Chip & PIN is a globally accepted answer to prevent credit and debit card fraud.
So, how does EMV Chip & PIN work?
EMV cards generate a unique code each time they are used. This code is sent to the processing host for verification. When the host processor decodes the encrypted code and verifies the card, the cardholder must enter their PIN or personal identification number to verify the transaction. This is a form of 2-factor authentication, which makes it difficult to steal cardholder data and create counterfeit cards.
Here are four great reasons to use EMV at your business:
- Visa announced it’s intent to begin EMV adoption in the US for POS terminals with a deadline of October 2015. After this date, liability for fraudulent charges on non-EMV POS terminals will be on the Merchant’s acquirer.
- Improved security
- More easily serve international clients who are used to using CHIP & PIN (Great for tourism focused business).
- Prepare your business for the future.
Want to upgrade to EMV or increase your customer satisfaction with faster payment options?