Rising counterfeit card fraud is a key reason why U.S. card issuers, payment processors, and merchants, are making the switch to EMV. From 2007 to 2014, credit card fraud rates doubled to 10 basis points, which translates to 10 cents out of every $1000 transacted.
EMV not only provides an extra layer of security it is also presents a fraud liability shift for your small business. If you do not have an EMV-enabled terminal or POS equipment, you will most likely be held responsible for some or all of the costs associated with any fraudulent in-person purchase.
Adds an Additional Layer of Security to Prevent Fraud
The embedded microchip is virtually impossible to duplicate or counterfeit so criminals find EMV cards less attractive to steal and clone.
Reduces Fraud Costs to Card Issuers, Payment Processers, and Merchants
EMV helps protect merchants from the liability associated with card-present fraud. Businesses that do not have EMV-capable equipment will be responsible for the chargeback in the case of a counterfeit purchase.
Helps Merchants Accept New Payment Technologies
EMV terminals usually include readers for contactless payments, such as mobile payments made via apps (e.g. Apple Pay®*). This can help merchants keep pace with consumers’ shifting payment preferences and demands for new payment technologies.
Creates a Common Cardholder Experience
With more and more U.S. citizens using chip cards and merchants accepting chip cards, U.S. and international travelers will now have a common cardholder experience. International visitors will appreciate the additional security when making purchases in the U.S., and U.S. travelers will find it easier to make purchases when traveling abroad.
Contact a business banking representative at (573) 634-0888 or stop by any location for your one-on-one financial review.