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10 Things You Need to Know About EMV Cards in 2015

Changes are coming to way we purchase just about everything. After a few years of lagging behind the rest of the world, the U.S. is finally making its way toward EMV cards nationwide. EMV (Europay, Mastercard, Visa) capable cards are a leap into the future from traditional magnetic swipe cards of the past. So what do you need to know about this new economic innovation?

1. EMV Is The Safest Way to Purchase

Most individuals have already moved away from cash in preference of using cards to maintain their accounts and make purchases. However, even our cards are susceptible to fraud and misuse. The reason behind this is because the information contained on the magnetic strip never changes. If a criminal duplicates that strip they have the consumer’s information. EMV cards will have microchips instead. The information on these chips will change with each transaction making them impossible to replicate.

ABTK-small-blog-image-EMV022. EMV Transactions Will Be Slower

Unlike quick swipe cards, EMV cards use a process called “dipping.” The card is dipped into a data portal where you must allow time for the machine to read the card. Because the verification process is more thorough, the process will take a bit longer.

3. Most EMV Cards Will Use PINs

Just like your old debit cards, new EMV cards will also have a PIN number.

4. New Fraud Rules With the Advent of EMV Cards

One of the big controversies associated with card fraud has always been who the blame should fall on when fraud occurs. Starting October 2015, major U.S. card issuers will hold non-compliant EMV parties liable when fraud occurs. So if a merchant has not gotten on board with EMV, and something fraudulent takes place, then the merchant may be held liable.

ABTK-small-blog-image-EMV015. Most Merchant Terminals Will Be EMV Compliant By 2017

The EMV shift will take some time. Although merchants are being encouraged to be compliant by 2015 to avoid fraud liability, automated fuel dispensers will be compliant by 2017.

6. You Can Use EMV Cards With Non-Compliant Merchants

Although the risk of fraud is greater, non- compliant merchants will be able to process EMV cards with their old card machines.

ABTK-small-blog-image-EMV037. EMV Cards Are Great For Traveling

The U.S. is actually one of the last major markets to change over to EMV cards, so if you are traveling outside of the U.S. it is likely that you will have an even easier time using them while traveling abroad.

8. EMV Cards Will Not Solve Online Fraud

Do not get the idea that EMV cards will solve all forms of fraud. Online fraud can still take place within the new system which is why consumers and merchants are encouraged to continue to keep tight reigns on their transactions and security measures.

9. Expect to See A New Card Soon

When the financial institutions that you use become EMV compliant, you will receive a new EMV card or smart card with instructions on how to use and protect it.

10. Merchants Need to Get On Board

In order to avoid the risk of huge fraud liability, merchants do not need to drag their feet on EMV compliance. Updating systems and getting on board with EMV can safeguard small to mid-size businesses from being a part of possible fraud situations.

 


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Staples Hack Exposes 1.2M Credit Cards

You may recall that office supply giant Staples fell victim to a data breach not too long ago. In the run-up to Christmas, the extent of that breach has come to light: About 1.2M credit card numbers are open to risk.

The breach, which was announced back in October, affected point-of-sale systems at 115 Staples stores–of 1,400+. However, experts are confident that the breadth of this hack won’t dent holiday shopping at the retail giant.

Read more at USA Today.

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Does Your Business Operate In One of the Top 5 U.S. Cities With the Highest Chargeback Stats?

 

ABTK-small-blog-image-map-eAccording to a recent report, the Top 5 U.S. Cities with the highest chargeback stats are:

  • Low, AZ
  • Port Washington, NY
  • San Jose, CA
  • Miami, FL
  • Astoria, NY

In many cases, this spike of chargebacks signals an alarming trend of “friendly frauds”–where a customer makes an authorized purchase, but then attempts to reverse it.

Beyond the Top 5, other cities also include Chicago, L.A., and Houston, among others.  Which is why businesses need to consider a payment processor’s ability to fight chargebacks when they look to partner with one.


Stay up to date on payment processing trends by following Abtek on Twitter and Facebook. Sign up to receive our newsletter, too.

 

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5 Payments Processing Resolutions To Ring In the New Year for Your Business

With 2015 on the horizon, business owners need to be aware of rapidly-evolving trends in payment processing. The goal is still the same: Make the POS experience as painless as possible for customers–but the methods to get to that goal have gotten more advanced. Here are 5 resolutions you can make for the New Year to help ensure your POS solutions are as flexible and painless as possible.

1. Embrace Mobile

Everyone carries a mobile device–and if you tend to do a lot of business at conventions, tradeshows, fairs, or away from your storefront, you need to have a way to process credit card payments.

The convenience afforded by mobile payment solutions can’t be overestimated.

ABTK-small-blog-image-DEC-mobile-devicesFurthermore, many customers are now forgoing their wallets altogether in favor of mobile wallets–like Apple Pay. In addition to processing payments through mobile devices–you can also accept payments from mobile devices.

2. Stay On Top of Countertop Terminals

While mobile payments are changing the way customers pay, countertop terminals are here to stay. Make sure you’re talking regularly to your payment processor to ensure that the traditional technology you have to service your customers’ purchases is the latest and greatest.

3. Protect Yourself

In today’s increasingly digital world, hackers have a lot of targets available to them. As such, data breaches and the compromise of customer credit cards is on the rise. This makes getting data breach protection absolutely essential.

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Tokenization can help as well by replacing the actual credit card information with a “token” value that can be used by a business for accepting payment, but it will not be able to be used by anyone else. This, naturally, eliminates the need for merchants to keep the sensitive data that can be compromised, which is a big help for businesses and their customers.

4. Spruce Up Your Shopping Carts

If your business utilizes online shopping carts, you will need some way to process credit card and debit card payments. There is a variety of gateways available to help you create a smooth shopping cart experience for your customers.  A quick conversation with your payment processing rep should help illuminate your options.

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5. Ask About ACH

Some businesses might want to give customers more options than simply paying with a card, especially if your business deals with large transactions. This is where ACH payments come into play.

Accepting electronic checks will allow businesses to save time, given that businesses will not have to wait on checks to arrive, but it will also protect you from fraudulent checks. Many ACH services today combine the service with payment processing, giving you the best of both worlds in the process.


Stay up to date on payment processing trends by following Abtek on Twitter and Facebook. Sign up to receive our newsletter, too.

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Fake “Order Confirmation” E-mails On the Rise During Holidays

As if consumers didn’t have enough to worry about this holiday season. A recent report from Krebs On Security outlines how shoppers may experience a spike in phishing attempts via fake “order confirmation” e-mails which appear branded with the logos and imagery of widely-trusted retail outlets. Some more detail about this particular series of phishing attempts:

According to Malcovery, a company that closely tracks email-based malware attacks, these phony “order confirmation” spam campaigns began around Thanksgiving, and use both booby-trapped links and attached files in a bid to infect recipients’ Windows PCs with the malware that powers the Asprox spam botnet.

A basic rule of thumb applies: If you don’t recognize where the e-mail is coming from or don’t remember making a purchase at a retailer that sends you an “order confirmation” e-mail, don’t click on the link.


Stay up to date on payment processing trends by following Abtek on Twitter and Facebook. Sign up to receive our newsletter, too.

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