Are YOU Ready For The Switch?
Magnetic Stripe Vs EMV
By the end of 2015, consumers across the United States will be using new credit and
debit cards embedded with a microchip, also known as Chip and PIN, that contains
unique cardholder information, including the cardholder’s name, card number and
expiration date.
Magnetic Stripe
Chip and PIN
No Significant Changes Since
Early 1960s
Vulnerable to Skimming, Lost
and Stolen and Card Not
Present (CNP) Fraud
Harder to Counterfeit Than Mag
Stripe
The International Standard for
Payment Cards
Retailers That Don't Switch Will
be Liable For Counterfeit Fraud
After Oct. 2015
Faster Transactions Compared
to Magnetic Stripe or Cash
What Happens Next?
Online Card Fraud Is
Shown To Increase
Following EMV Migration
Expect A Decrease In
Card Fraud At Brick &
Mortar Stores
Fraudsters Will Target
Markets That Do Not
Have EMV Technology
Card Skimming, Card and
Cash Trapping Are Still
Available Methods For
Fraudsters
Retailers And Issuers Will
Have To Front The Costs
Of EMV Cards And New
POS terminals
Many EMV Cards Will
Initially Be Chip And
Signature Before PIN Is
Used
Where Will You See EMV Next?
Bank of
America
Capital
One
Citi
Card Issuers
That Will
Issue EMV
Cards for the
US in 2015
Navy
Federal
Credit
Union
Discover
Chase
Wells
Fargo &
Company
US Bank
Independent
Community
Bankers of
America
Sources:
575 Million U.S. Payment Cards To Feature Chip Security In 2015 ‐ http://www.businesswire.com/news
What Is Chip And PIN (EMV)? ‐ http://www.rippleshot.com/everything-need-know-emv/
Top 5 Reasons To Switch To EMV ‐ http://fattmerchant.com/top-5-reasons-switch-emv/
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