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EMV is the Future,
Arriving Very Soon
The date of reckoning for EMV cards is swiftly approaching. After October 1, 2015, if a consumer
uses an EMV chip card with a merchant who doesn’t have an EMV-compliant terminal, and the
transaction is found to be fraudulent, the liability for any charges is left with the merchant.
Why EMV?
Although EMV chip cards are new in the United States, the benefits of
this technology are too significant to overlook. The reason for their
popularity is simple: They dramatically reduce card fraud. Although the
technology is still not widely known in the United States, the benefits
of EMV are too significant to overlook for long.
$
25 %
10 B
2X
-27 %
TRANSACTIONS
LOSSES
FRAUD
FRAUD
Although the United States
accounts for only a quarter of
the world’s payment card
transactions, more than half
of all fraudulent card
transactions happen here.
Losses due to card fraud in
this country are expected to
top over $10 billion in 2015.
Credit card fraud rates have
doubled in recent years,
representing 10 cents out of
every $100 transacted.
Europe has already greatly
reduced card fraud with
EMV. For instance, fraud in
the United Kingdom dropped
27 percent between 2007
and 2012, the years when
EMV cards became widely
accepted in that country.
EMV in the USA
575 M
1.2 B
NEW EMV CARDS
CARDS WILL TRANSITION
Industry watchers estimate
that there will eventually be
more than 575 million EMV
chip-enabled payment cards
in circulation in the U.S.
The U.S. is set to transition
more than 1.2 billion payment
cards and 8 million
point-of-sale (POS) terminals
to meet EMV requirements.
As more EMV chip cards are issued and more merchants begin to upgrade
their technology to be EMV capable, consumers will begin relying on using
their EMV chip cards more and more. Ensuring your business is ready for this
new technology will not only help you protect your business from potential
liability, but also will show your customers that you care about the security of
their data.
EMV represents a more secure future for card payments, and promises to
reduce card fraud and counterfeiting, potentially transforming the landscape
for payment processes in the United States.
What makes EMV more secure?
Unlike a magnetic stripe cards, EMV chip cards
send data that changes with each transaction.
EMV chip cards transmit a variable algorithm
with each transaction, making the data more
secure than the static data found on magnetic
stripe cards.
The buyer inserts the card into an EMV
The EMV technology makes it virtually
reader or taps it on a contactless sales
impossible for thieves to duplicate cards,
terminal to make a transaction, with no hand
thereby reducing card fraud at the point
off of a card number to the merchant and
of sale.
no swipe.
Only EMV-enabled terminals can read and
decode the card.
The Impact of EMV
on your Business
The U.S. is the last member of the top 20 world economies to commit to a domestic or cross-border liability shift associated
with chip payments. Named for the three companies that created it – Europay, MasterCard, and Visa – EMV is a tiny chip
embedded in payment cards that is virtually impossible to counterfeit and offers stronger security than magnetic stripe cards.
As its adoption grows, consumers will soon begin using EMV chip cards in all their card transactions.
The main reason cited for not upgrading,
a lack of knowledge about EMV.
1/2
3/4
According to market research by
Javelin, more than half of small
business owners have little or no
knowledge of EMV - or this
upcoming liability shift.
Not surprisingly, nearly
three-fourths of small business
owners have no plans to upgrade
to EMV compliant terminals by
the end of 2015.
By upgrading to an EMV capable Point of Sale system, you can
eliminate any potential exposure or losses to credit card fraud because
of counterfeit cards.
EMV offers a choice – merchants can either eliminate risk by upgrading their systems, or do nothing
and simply live with the possibility of taking a major hit due to card fraud sometime down the road.
As they become more aware of EMV’s ability to keep their data safe, consumers will naturally
gravitate towards it. And if you’re not ready to take an EMV payment, it will translate into lost
business—business that you can’t afford to lose.
Why EMV is Important Now
Protect your business from credit card fraud liability.
A primary way cybercriminals use stolen credentials is to create a false card to
impersonate the actual card. As criminals recognize EMV implementation is
underway, they tend to increase fraudulent activity.
Reduce liability costs.
Businesses still using magnetic stripe terminals after October 1, 2015, are on the
hook for the costs if someone uses a lost or stolen credit card.
Show your customers you care.
EMV is the future of payment transactions; show your customers that you
are concerned about the security of their data by implementing an EMV
capable system.
Are you prepared for the EMV deadline?
Oct 1 2015
What you need to do to get ready:
Get More Information
Go to www.firstdata.com/emv for additional
information about EMV®.
Talk with Your First Data
Relationship Manager
Talk with your First Data Relationship
E†ø†Ô¼ĥķĂ°åĩ¢Łĩĩŏà†ķ^¼¢ŁĥåķŕEv®
capable solutions they are certifying. If you
develop your own solution you should contact
your First Data relationship manager to secure
your space on the EMV Certification Solution
calendar.
Preform a Cost Analysis
Perform an analysis of what it will cost to
update your locations(s) to EMV® capable
solutions.
Prepare your location(s)
Begin preparing your location(s) by talking to
the store operators and teams about EMV®.
Your customers will start to see cards arrive
from their issuers and will want to begin using
them at your location(s); take advantage of
the ‘new-ness’ factor to get the teams
excited.
Develop a Marketing Plan
Develop a marketing plan that promotes your
adoption of Security and EMV® capable
solutions; let your customers know you care
about protecting their data.
Develop a Training Plan
Develop a training plan for all of your
employees so that every employee knows
how the new Security and EMV® capable
solutions operate so they can help educate
your customers on how to use their newly
issued card correctly.
Implement New Solutions
Implement the new Security and EMV®
capable solutions in your location(s). Execute
a training plan for employees and a marketing
plan for awareness.
October 1st 2015 Will Be Here Soon.
Don't Wait Until It's Too Late!
The clock is ticking. Make sure you've taken all the necessary steps to avoid potential liability costs from
fraudulent non-EMV transactions. Develop your EMV® action plan today.
Ongoing
Continue to take advantage of training,
thought leadership and additional information
through your First Data Relationship Manager.
Contact your First Data relationship manager or log
on to Firstdata.com/EMV for more information.
© 2015 First Data Corporation.All rights reserved.
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