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The Merchant’s Guide to the EMV Fraud Liability Shift

For years, there have been discussions of a ‘chipped’ card that heightens the security for merchants as well as cardholders. These cards are now in circulation. In fact, EMV-readiness deadline for brick-and-mortar retailers was long gone— Oct. 1, 2015.

But that’s no reason to worry if you haven’t updated and understood what the ‘Fraud Liability Shift’ that come with these cards entail. This blog breaks down the whole thing for you by answering all your questions:

1-Why is EMV-readiness linked to better security?

The magnetic stripes used in designing conventional credit and debit cards store unchanging data. Fraudsters know this and use it as a weak-point to access this sensitive cardholder info which they can use for illegal purchases. In other words, counterfeits target magnetic stripe cards.

On the other hand, each time you run an EMV card transaction, this new-age card chip generates a unique transaction code which can … Read more

Are You Monitoring Your Chargebacks?

The current chargeback process is very complicated and subjective. But the move is meant to simplify the process, shorten the dispute resolution time and make sure all parties involved in the chargeback case are protected from both friendly and criminal fraud.

Chargebacks came to life 40 years ago with the passing of the Fair Credit Billing Act that was intended to protect consumer rights.  Several changes have taken place over the last 40 years including the surfacing of e-commerce and digital currencies. These market changes have significantly improved the face of Retail, and we anticipate more developments as new tech comes out and more payment options emerge.

Despite the evolving markets caused by the adoption of new tech, the chargeback process has stayed consistent but quite cumbersome, more so for merchants. And with the high fraud levels, chargebacks affect retailers a great deal, hindering the livelihood and profitability retailers. The … Read more