EMV: Global, interoperable standard for secure payment cards
using chip technology. R U
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All card brands have released plans for EMV adoption in the
USA.
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Issued a roadmap to EMV in January 2012 to align all industry
groups in the implementation of EMV. MasterCard Liability Shift
October 1, 2015 In August, announced a roadmap to accelerate EMV
migration in contactless and contact chip technology. Visa
Liability Shift October 1, 2015 In July, announced a roadmap to
advance EMV chips for all merchants, processors and issuers. Amex
Liability Shift October 1, 2015
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What does Liability Shift Mean?
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Point of Sale: EMV Ready? c Payment Card: EMV CHIP? X Liability
Breakdown* After the EMV *After the EMVDeadline Merchant liable for
ANY fraud. c Card provider liable for ANY fraud. X Shared
liability, normal rules apply c
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Big banks are issuing EMV travel cards for international
travelers. Retailers such as Wal-Mart, Best Buy and Home Depot are
beginning EMV change McDonalds and Nordstrom are working towards
EMV
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of point of sale terminals are projected to by EMV equipped
prior to the liability shift in 2015. 70%
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Will YOU be EMV Ready when they are?
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What exactly is EMV? A Chip Card Chip & Pin A Smart
Card
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EMV Card Basics A card that is embedded with a microprocessor
chip. An EMV card can be used with a signature or a PIN. EMV
technology reduces fraud that can occur with just the magnetic
stripe EMV is the global standard for payment cards.
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EMV Adoption Around the World of European countries have
completely converted to EMV 94% EMV adoption rate in Canada, Latin
American and the Caribbean 76.7% EMV conversion in Asia Pacific 54%
USA is the last of the G12 Countries to adopt the EMV international
standard
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If youve traveled abroad lately, you may have encountered a
problem. European self-service kiosks in train stations do not
accept a magnetic stripe and most require a PIN. Many foreign
merchants have abandoned the technology needed to process a
magnetic stripe card.
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The American Cardholder Experience Traveling ABROAD Foreign
merchants turn away customers with magnetic stripes US travelers
are easily spotted as tourists US Banks lost $447 million revenue
due to problems with cards abroad Rejected cards cause
embarrassment & inconvenience Aite Group
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The Magnetic Stripe Card contains static info easily lifted or
skimmed by fraudsters. EMV dramatically reduces fraud. Since EMV,
fraud losses are down 36 - 43% across Europe. Without EMV
assimilation, the US will become an easy target for fraud. The cost
of EMV implementation could be quickly recovered in gains from a
lower overall card fraud rate. EMV Reduces Fraud
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Why is EMV so secure? EMV Transactions involve dynamic digital
data that is extremely secure not static. A PIN verifies that the
consumer is indeed using his or her card.
In the American EMV roll out, all cards will have a chip &
magnetic stripe Dual-Operability
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A Typical EMV Transaction Payment Method Verification
Authentication How it Works! Online or Offline Contact Contactless
or Chip & PIN Chip & Signature or
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Levels of EMV Chips 3 FDA No Cryptology Less expensive Most
practical to start in the USA DDA More complex chip Cryptology More
Features CDA Most complex Cryptology Most Features Most expensive
chip
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First Wave of EMV in America Simple chip with less complexity
Chip, Signature & Stripe implementation Many processors arent
supporting PIN yet Not all POS merchants ready for PIN either
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MasterCard and Visa have recommended a basic profile for the
American EMV conversion: Chip & Signature Online Authentication
Maintain Magnetic Stripe