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