By Toni Lapp October 1 – The EMV liability shift is upon us, and as of Oct. 1, retailers are liable for fraudulent transactions if an EMV chip card is presented, but the point-of-sale equipment hasn’t been updated. Yet by many accounts, most Americans do not even know what an EMV chip card is or how it provides enhanced security over magnetic stripe cards. Of those who are aware of the new cards, one survey reported that the majority (53 percent) had not yet received replacement cards. (more…)
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October 1 – The Europay, MasterCard and Visa liability shift is now official, and while retailers and banks have been working toward this transition, a recent ACI Worldwide survey found that six out of 10 consumers have either not received their EMV card or are unaware of the use and purpose of their EMV card. This is in spite of the fact that approximately 85 percent of all retail transactions are card-based purchases and will soon be affected by the new liability shift. Gary Cardone, CEO of dispute mitigation company eConsumerServices, stresses the need for more consumer education, noting that a majority of consumers remain in the dark about EMV. (more…)
Jack Henry & Associates Inc., a provider of technology solutions and payment processing services, confirmed that its JHA Payment Solutions group is live with MasterCard and Visa for EMV debit card processing, and will soon support Discover. (more…)
September 18 – Harbortouch, a leading national point of sale (POS) system and merchant services provider, has published the results of large-scale national survey investigating consumer awareness and usage trends of EMV or ‘chip’ enabled credit cards. The survey, fielded to nearly 18,000 U.S. adults in late August, found that 56 percent of consumers are unaware of what an EMV or ‘chip’ credit card is.
September 18 – Visa Inc. has introduced a new specification to use biometrics with chip card transactions. The specification can enable palm, voice, iris, or facial biometrics. This first-of-its-kind technology framework is designed to work with the EMV® (Europay, MasterCard, Visa) chip industry standard to help ensure open, globally interoperable solutions.
September 18 – The Strawhecker Group (TSG) has released survey results that illustrated only 27 percent of U.S. merchants will be EMV-ready by the October 1st liability shift. This represents a sizable decline from 34 percent estimated in March.
September 18 – Fiserv, Inc., a leading global provider of financial services technology solutions, has developed a robust EMV Education and Marketing Program to prepare financial institutions as well as aid in cardholder awareness and comfort with a new payment experience.
September 17 – The United States may be one of the last countries to implement EMV, but being late to the payments party does have its benefits. With the UK serving as a prime example of a successfully rolled out chip card program (the first cards were sent out to account holders in 2004), the US can often look to this progress to see what the future may have in store with the stateside adoption of these newly-minted cards.
September 8 – EMV has been widely perceived as more stick than carrot, with both issuers and merchants dragging their feet on the October 2015 readiness milestone. However, the actual state of EMV card penetration — and, more important, the extent of cardholder awareness — has been elusive. JAVELIN has released State of EMV Cardholders: Opportunities to Capitalize on the Halo Effect, which provides a diagnostic snapshot of the state of cardholder awareness of EMV, and looks at the differences (and similarities) between EMV cardholders and non-EMV cardholders.
September 7 – Giesecke & Devrient’s next generation Dual Interface EMV product is the only product available today that provides all features needed for full compliance with the Durbin Amendment. G&D’s EMV products enable U.S. financial institutions to offer innovative credit and debit products as they migrate their portfolios.