EMV Compliant Means Your Customers Are Better Protected

As the end of 2016 rushes towards us, for ATM owners, that means the deadline for Europay, MasterCard and Visa (EMV) compliance is rushing towards us, too. The EMV regulation is not just intended to prevent counterfeit cards from being used — it’s also a proactive step, to align cards with the common currency of other countries and protect against future fraud. This means it’s imperative that all ATM operators upgrade and ensure their machines are EMV-compliant by the end of the year to avoid liability.

Cards with magnetic strips have single unique codes, which are used for every transaction. If a fraudster discovers that code, he or she can “skim” card details and use that same code over and over again to make purchases. But chip cards generate a new code for every transaction and never repeat the same code again. This means that even if a thief obtains a code, it’s useless for any future transactions.

But this isn’t just theoretical: Chip technology has already significantly reduced fraud in other countries. According to Visa, as of May 2016, U.S. Visa card counterfeit fraud dropped nearly 50% over the previous year.

Meanwhile, according to the Australian Payments Clearing Association (APCA), thieves fraudulently spent nearly $470 million in 2015. Fortunately, chip cards were already responsible for a 10% decrease in domestic skimming and counterfeit fraud during 2015, and as compliance deadlines loom, that number will likely rise.

Instead, as skimming becomes more difficult due to the prevalence of chip cards, Card-Not-Present (CNP) fraud, in which thieves use card details to make purchases over phones or online, is on the rise and continues to be a concern.

As the end of the year approaches, we’re happy to announce that we’re well on our way to making our entire ATM fleet is fully compliant! Here at DC Payments, protecting against fraud is a top priority. That’s why we’re always utilising the latest technologies to keep you and your customers safe.

[cta]Do you have other questions about chip cards or your ATM security? We’re here to help! Contact your DC Payments representative by email or call our toll-free number at 1800 301 100.[/cta]