BankNews April 2015

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Search Results: EMV

New EMV Standards & AML Regulations Encourage Online ID Fraud But Also Impairs Customer Acquisition Effectiveness

August 31 – AU10TIX warns that the well-meant tighter fraud prevention measures and regulations may not be sufficiently backed by effective customer ID authentication measures at the point of new customer acquisition.

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What EMV and Tokenization Mean for Banks

By Bob Graham

August 25 – Clearly two of the biggest buzz words this year are EMV and tokenization. Although they are frequently talked about together, EMV and tokenization represent two different initiatives and present opportunities as well as challenges for banks. (more…)

EMV Migration Forum and Payments Security Task Force Launch Education Initiative

August 21 – The Payments Security Task Force and the EMV Migration Forum has announced the launch of the industry-wide CHIP IN Education Initiative.

“After only one successful transaction, consumers understand how to use their new chip cards. We want to make their first impression with chip technology a positive one, and make paying with chip the ‘new normal’ this year,” said Randy Vanderhoof, director of the EMV Migration Forum. “To meet this goal, the EMV Migration Forum and the Payments Security Task Force are asking the industry to expand education efforts by participating in the new CHIP IN Education Initiative.”

GoChipCard.com is a comprehensive site providing instructions for successful chip card transactions along with information about what chip cards are, the security they deliver and reference materials for consumers, issuers and merchants.

What Is the CHIP IN Education Initiative?

The same cross-industry organizations that delivered the GoChipCard.com educational website are now asking industry stakeholders to chip in and help expand efforts to educate consumers and small businesses about the new cards appearing in their wallets and their stores.

How Can Industry Participants Help?

The initiative provides issuers, merchants, acquirers and others with educational messages and materials that can be shared through social media and other channels.

For those that sign up to join the initiative, participants will receive a weekly email which includes:

Pre-drafted social media posts and hashtags
Free educational downloads including useful visual aids, training guides, FAQs, infographics and more
Ways to use resources to maximize educational value
Media interview tips
Methods to encourage visits to GoChipCard.com

“Awareness and these resources help make that first chip card transaction a positive experience, whether you’re shopping or helping your customer,” said Carolyn Balfany, senior vice president, MasterCard. “This is the latest in a series of steps that we’re taking to help all U.S. customers and cardholders to understand the many benefits of the upgrade to chip.”

“The CHIP IN Education Initiative is another tool we can use to support the transition to chip technology in the U.S. All of those in the payments ecosystem have demonstrated a shared commitment to easing the transition to chip technology, and, through continued collaboration on initiatives like CHIP IN, we can help educate consumers and small businesses as to how chip technology can help reduce fraud and increase payment security,” said Stephanie Ericksen, vice president of Risk Products at Visa, Inc.

Join the CHIP IN Education Initiative here: www.emv-connection.com/chip-in.

The first weekly email will be sent during the week of August 24th, so industry participants are encouraged to join before then.

“We look forward to seeing everyone chip in to make the U.S. EMV chip migration a success,” added Vanderhoof.

EMV Migration Forum and Payments Security Task Force Launch CHIP IN, an Industry-Wide EMV Chip Education Initiative

August 19 – The Payments Security Task Force and the EMV Migration Forum have announced the launch of the industry-wide CHIP IN Education Initiative.

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U.S. Migration to EMV Slows as the October Liability Shift Looms

August 18 – With the long-awaited fraud liability shift just around the corner, the entire U.S. payments industry is actively (if not enthusiastically) preparing for the transition to EMV. While that preparation will yield a more robust and secure payments infrastructure in the long run, progress toward EMV compliance has slowed in 2015 as issuers and merchants deal with a range of technical, logistical, and educational challenges.

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Financial Professionals Confident EMV Cards Will Help Mitigate Credit/Debit Card Fraud

August 17 – New research by the Association for Financial Professionals found that financial professionals believe EMV technology will greatly aid their efforts in the fight against credit and debit card fraud.

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Worldwide EMV Payment Card Shipments Top 2.1 Billion in 2014 with 43% Issued into the United States and China

August 7 – Just over 2.1 billion EMV cards were issued worldwide in 2014, up 27.5% from 2014. The exponential year-on-year (YoY) growth rate was driven by significant EMV issuance into the United States and China. EMV card issuance in the United States in 2014 was up 187 million units when compared to 2013 and China continued its steep EMV issuance path deploying approximately 685 million cards in the same year. If China and the United States were excluded from the forecast analysis, 2014 global YoY shipment growth would have totaled a mere 6.6%, highlighting the important impact these two nations are having on the global scene.

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Many Small Businesses Not Ready for EMV Chip Cards

August 7 – A majority of small business owners are unaware of the impending EMV1 liability shift coming in October, according to the latest Wells Fargo/Gallup Small Business Index conducted July 6-10.

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Cummins Allison Explains How to Ease ATM EMV Transition and Eliminate Liability for Financial Institutions

July 29 – The U.S. payments infrastructure is steadily moving toward EMV readiness. To incent EMV compliance, various mandates and liability shifts are taking place between now and October 1, 2017. With timelines in place for a shift in liability, the total cost of card-present fraud will no longer be borne solely by card issuers. If an ATM cannot accept an EMV chip card after its designated liability shift date, the ATM acquirer (such as the bank or credit union) will bear the cost of any fraud.

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Technology Experts Warn of Card-Not-Present Fraud Following EMV Liability Shift

July 31 РWith the EMV liability shift around the corner, technology experts are concerned that EMV may not be enough to thwart today’s sophisticated hackers. Indeed, Ruston Miles, Chief of Product Innovation at Bluefin Payment Systems, notes that five years after EMV was deployed in the U.K., the region continues to experience increases in Card Not Present (CNP) fraud, ranging as high as 79 percent over pre-EMV levels.

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