Contents tagged with EMV

  • How hard is the EMV deadline?

    One of the biggest topics in the EMV chip card conversation is the looming October 1, 2015 deadline for banks to deploy it. Over the last year, talk surrounding the technology has increased significantly, especially in the wake of the Target security breach. After this debacle, Congress summoned executives from the company to answer questions.

    While all paths seem to be heading toward this solution, the road is not as clear as you may think. A recent article from Fox Business examined several frequently asked questions about EMV, one of which is about the deadline. Many experts seem to believe that this deadline will not be hard.

    "Don't expect a big bang in October of 2015," Doug Johnson, vice president of risk management policy for the American Bankers Association, told the news … more

  • More businesses getting on EMV bandwagon

    More credit card companies are going to get away from the magnetic strips in favor of EMV.

    The need for businesses to adopt EMV technology continues to grow as the October 2015 deadline from MasterCard and Visa gets closer. However, while these two major players are pushing hard, what about the rest of the industry? Is wide-spread adoption really going to happen?

    According to a recent study by the Aite Group, 70 percent of all U.S. credit cards and 41 percent of debit cards will have incorporated EMV technology by the end of 2015. That is a total of 1.1 billion cards. This information was gathered through interviews with 18 out of the top 40 credit card issuers, including seven of the top 10.

    Julie Conroy, the research director at Aite Group, told Computerworld that  "A majority of Americans will have EMV cards in their wallets by the end of 2015."

    This doesn't … more

  • Sam's Club to introduce EMV credit card

    One of the biggest talking points since the Target security breach has been the increased push to deploy EMV chip-and-PIN technology into credit cards. It was brought up when Target executives were brought in front of Congress, and last month the company announced that it has invested $100 million in upgrading its credit card terminals and launching a new company RED Card that uses a chip.

    According to a press release, other organizations are also starting to get onboard. Sam's Club has announced that it plans to introduce a new Sam's Club MasterCard on June 23 that will feature chip-enabled technology. This will improve the security of the cards and make the company the first mass retailer to actively implement chip-enabled cards.

    According to Chris McWilton, the president of … more

  • 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