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Updates are continual. What does this mean to you? Standards are
constantly updating to better protect you and your customers.
EMV is a technical standard for smart payment cards and for payment terminals
and automated teller machines which can accept them. EMV cards are smart cards (chip cards or IC cards) which store their data on integrated circuits rather than magnetic stripes, although many EMV cards also have stripes for backward compatibility.
You as a merchant want to be sure that you have the capability to accept these EMV cards. As of October 1st 2015, there was a shift in liability and you may be susceptible to absorbing fraud if you are not set up correctly. As you can see in the example below, the UK implemented the Chip card years before the US and you can see the decline in face to face fraud.
If you are a merchant that accepts payment cards, you are required to be compliant with the PCI Data Security Standard.
The PCI DSS follows common-sense steps that mirror security best practices. There are three steps for adhering to the PCI DSS – which is not a single event, but a continuous, ongoing process.
First, Assess -- identify cardholder data, take an inventory of your IT assets and business processes for payment card processing, and analyze them for vulnerabilities that could expose cardholder data.
Second, Remediate -- fix vulnerabilities and do not store cardholder data unless you need it.
Third, Report -- compile and submit required remediation validation records (if applicable), and submit compliance reports to the acquiring bank and card brands you do business with.
ARE YOU READY?
Contact us today for a FREE analysis to ensure your equipmenet is up to date.
This graph represents the fraud decline in the UK after the implementation of the Chip Card.
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