As you may know, the instatement of EMV cards is imminent in the US. Credit cards are now appearing with embedded chips that communicate directly with the card issuer, collectively known as EMV systems, named after its original developers (Europay, MasterCard® and Visa®).
Until September 30th of this year, liability for most card transaction fraud was owned by the bank or financial institution issuing the credit card. But as of October 1, 2015, the liability for card-present fraud has shifted to whichever party is the least EMV-compliant in a fraudulent transaction, which may include your dealership.
In adherence to security best practices, Procede is actively working with OpenEdge to provide an integrated Credit Card processing solution that will give you all the security and protection of EMV, ultimately helping safeguard your business against card data theft.
Unlike a traditional magnetic strip, payment data is more secure on a chip-enabled payment card because it produces a one-time encrypted code for every purchase. The way the data is transferred varies with each transaction, making it extremely difficult to duplicate or steal credit card information at the point of sale.
Instead of just swiping a card at the point of sale, the user has to place the card and its embedded chip near or inside an EMV-enabled reader and then type in a PIN or provide a signature. That’s why EMV is sometimes referred to as “Chip and PIN” technology.
Key benefits of this new protocol include:
- More thorough authentication process
- Safer transactions both online and in person
- Minimizes fraud resulting from counterfeit, lost and stolen cards
As the integration gets closer to production, we will continue to develop and deliver communication materials you need to stay informed of those pending changes.
If you are a current Credit Card Processing customer, or if you would like to learn more about Procede’s support for EMV, please contact Support Services (Login required.)