How do you outsmart hackers? By staying one step ahead of the technology they’re looking to breach. In October 2015, keeping ahead of the scammers becomes even more critical. In-store counterfeit transaction liability will shift to the party that has not adopted chip technology—either the issuing financial institution or the merchant. Chip-enabled terminals will be necessary for merchants to minimize risk.
It pays to prepare sooner rather than later. Visa chip cards protect in-store payments by generating a unique, one-time code needed for the transaction to be approved. This feature makes it virtually impossible to counterfeit cards, helping to eliminate in-store fraud.
Beginning October 1, if a chip card is used at an activated chip-enabled terminal, the merchant will not be liable for fraud. The issuer will continue to bear responsibility for counterfeit fraudulent activity. The good news is that when both parties adopt the chip, overall in-store counterfeit fraud should virtually disappear. EMV chip technology, at the end of the day, is an investment in your customers’ trust.
Today’s consumers have high demands for fast and secure experiences, and changing laws ensure that absolutely no detail can fall through the cracks. Safer businesses mean confident customers, and confident customers mean higher potential growth.
Protect your single-most valuable asset—your customers’ trust.