Y2K Again?


Well October 1 has come and gone much like Y2K! Well over half the merchants in the USA cannot process EMV Chip and believe it or not the majority of POS Systems and card swipers for internet gateway connections are still working on a solution .Having said that retail merchants that swipe cards using a counter top credit card terminal should make sure their credit card processor has provided them with a new terminal that can take EMV Chip cards and will have the EMV Chip slot usually in the front or bottom of the terminal. If the terminal will be hooked up to a phone line it will still take chip cards but because of the increased data will take about 10-15 seconds to process if processed using the chip instead of swiping the card. The reason EMV is important for retail merchants is that if a stolen card is processed as a chip card the merchant will not be responsible and will not receive a chargeback because of fraud. Any good credit card processor should provide the merchant with a new terminal for free. Merchants that use a POS or mobile phone to process may have to wait for a solution from the POS provider.
EMV is only good for Card swiped transactions such as retailers, etc. Fraudsters could up until now buy a machine to make credit cards for about $700 and enter stolen info on the mag stripe. You can buy stolen identity info on foreign websites all day long for about $15 each. However chips can’t be easily duplicated if at all so now the fraudsters will be concentrating solely on eCommerce sites. A few articles