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: Business
EMV-Compliance - Are you ready?
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08-18-2015, 09:38 PM
baddog
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EMV-Compliance - Are you ready?
If you accept credit cards you need to be aware that the deadline for being EMV-compliant is October 1.
Quote:
In these days of credit card fraud and identity theft, the United States has been behind the game in the prevention of credit card fraud when compared to the rest of the world in that most credit cards issued in the US continue to use encoded magnetic stripes to hold your data. These stripes can be scrambled, erased or copied; the data can even be stolen while the credit card remains in your wallet. Effective
October 1, 2015 the major credit card companies, MasterCard, Visa, Discover and American Express will begin shifting liability for credit card fraud to merchants that are not EMV-compliant. EMV-compliant credit cards use an RFID chip and a pin code, also known as Chip-and-Pin cards as opposed to the magnetic stripe currently used by most.
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