Contents tagged with EMV

  • Is chip technology the peak of security?

    MasterCard and Visa have deadlines of October 2015 for businesses to adopt EMV technology at their cash registers. At that point a liability shift will occur that puts more ownership of a credit card breach on the business if it has not upgraded its systems.

    However, according to an article from the Associated Press, the companies may be trying to speed up the shift and they have some help.

    Richard Hunt, the CEO of the Consumer Bankers Association, brought the banker's perspective to the argument and said that in the case of major fraud, banks are only able to collect pennies on the dollar if a retailer is involved. This is even the case when the card is updated if the retailer in question has not done the same to its processes.

    "We have to improve fraud prevention … more

  • Many companies to fall short of EMV October 2015 deadline

    Since news of the Target point of sale breach broke late last year, the need for improved payment security has been front and center with industry professionals. One of the biggest topics of conversation has been speeding up the adoption of EMV chip-and-PIN technology before the October 2015 deadline.

    A recent article from Bloomberg Businessweek examined this area more closely and found that many companies are still slow to incorporate this technology. The piece features comments from Merchant Warehouse, a credit and debit card transaction processor which handles this for 80,000 U.S. merchants. It is reporting that 40 percent of its partners will not be ready for the deadline. Crone Consulting, a payments advisory firm, is reporting that more than half of all U.S. merchants will miss the … more

  • Target invests in EMV card overhaul

    With the October 2015 deadline for EMV adoption by U.S. business and credit card providers getting closer, it seems as if no movement has really been made. While it has been a major topic of conversation, which hit a fever pitch during the investigation into the Target Breach, there has yet to be a major splash.

    That changed this week when Target announced a $100 million investment plan to improve its payment processes. According to an article from CNN Money, it's headlined by upgraded REDcards -- the retailer's credit card -- that will now feature the chip-and-PIN technology. The merchant will also replace the payment terminals in all 1,797 U.S. stores.

    "Target and MasterCard are taking an important step forward in providing consumers with a secure shopping experience," MasterCard … more

  • POS challenges thrust into the mainstream

    The challenges of the POS system have been pushed into the mainstream.

    Over the last few months, the challenges that businesses face when it comes to credit card processing solutions and business payment security have been pushed into the mainstream because of the high profile Target breach. Nearly 110 million customers were affected, and news continues to filter in that keeps the story and its impact fresh in the minds of industry professionals.

    Recently, Mercator Advisory Group examined how the market is changing in the face of increased pressure for businesses because of the Target breach. The findings were released in a 22-page report called: "Card Fraud Detection Software: Enterprise and Transaction Solutions Converge."

    The study examined several aspects of the current landscape, including EMV implementation, fallout from … more

  • MasterCard, Visa announce new payment security group

    Visa and MasterCard have created a new group to push payment security.

    This blog has covered the increasing push by MasterCard and Visa to speed up the adoption of certain payment technologies and solutions like EMV and near-field communication (NFC). The Senate hearings about the Target breach were the latest example of these card providers highlighting why updated solutions are needed.

    Last week, the two companies took it a step further with the announcement of a new cross-industry group made up of banks, credit unions, retailers and industry trade associations with the initial goal of improving card security before the 2015 deadline.

    "One of the critical roles we play is to protect consumers and businesses against criminals and fraudsters," said Chris McWilton, president of North American Markets at MasterCard. "Only through industry collaboration and … more

  • What are the latest technology trends for small businesses?

    The technology landscape is changing rapidly, and in no place is this more obvious than for small businesses. A recent article from Vertical Systems Reseller examined several of the hottest technologies in the retail market.

    The main takeaway from the report is that existing solutions are evolving with the help of new technology. These are things like sales reporting being influenced by big data and analytics.

    The escalated EMV timeline was discussed as well. The Target breach has put the technology back in the limelight because of the security potential of the solution. While Visa and MasterCard have roadmaps in place for adopting the solution, many other card providers like Chase, Bank of America, Citibank, U.S. Bank, Wells Fargo and American Express also are starting to … more

  • PIN a secondary security feature to EMV

    On the outskirts of the United States payment industry sits the Europay MasterCard Visa (EMV) chip card standard. It's a system that has been bandied about for some time for U.S. adoption and has been in play in other countries for some time. However, by October 2015, Visa and MasterCard will require merchants and card issuing banks to deploy the solution or risk increased liability exposure.

    While this seems like a monumental shift in thinking, the benefits of EMV make the technology beneficial. A recent article from ComputerWorld features an interview with Ellen Richey, Visa's chief risk officer. The discussion focused on EMV adoption and more specifically the security benefits that retailers, consumers and banks will experience when it is finally adopted.

    One of the few debates … more

  • EMV technology to be required by the end of 2015

    Last week, this blog covered the fact that "Chip-and-PIN" technology was a focal point of the Senate Judiciary Committee. Executives from both Target and Neiman Marcus said they have plans to use the technology to improve their security systems already in the works, but will be speeding up the process.

    While this may be the idea of these two retailers, the entire industry is also going to need to get on board whether they want to or not. A recent article from the Wall Street Journal features an interview with Carolyn Balfany, MasterCard's expert on all things EMV technology.

    First it is important to know that both MasterCard and Visa have already released a roadmap that organizations need to follow in order to meet an October 2015 deadline. That is when a "liability shift" will take … more

  • 'Chip-and-PIN' a focal point during Senate Judiciary hearing

    Last week, this blog covered the news that several retail executives and industry leaders would be heading to Washington to answer questions in front of a Senate Judiciary Committee regarding the Target security breach.

    According to an article from Yahoo News, among the conversation of who knew what happened and when, an interesting topic emerged — how EMV and "chip-and-PIN" technology can add another layer of security and needs to be adopted sooner rather than later.

    "It is of concern to me that our payment card systems really do need improvement," Federal Trade Commission Chairwoman Edith Ramirez said at the hearing. She added that "based on the latest information available to us ... it's clear that companies need to do a lot more, that they continue to make basic … more

  • A long history: EMV and the Olympics

    These prepaid chip cards were used to try and launch the technology in the U.S. during the 1996 Summer Olympics in Atlanta.

    Tonight the world will come together and the focus will be on Sochi, Russia, and the opening ceremonies of the 2014 Winter Olympics. While this is a joyous occasion, there are many reports about security concerns and incomplete infrastructure that could cause major problems.

    One thing that every visitor to the games from the United States will come across is different credit card technology protection processes - namely EMV chip cards. This is a standard across Europe and Canada and, as of 2013, 75 percent of Russian ATMs are compliant with this process. Those unfamiliar with it will be able to see it up close and personal.

    Chip cards are far from being a new technology. In fact, this is not the first time that these two entities have come together. During the 1996 … more