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EMV card processing for online or card not present merchants is not available yet in its current form as the card is not in the merchant’s presence. Unfortunately the CNP merchants hold all the liability. We have historical data from the EU, Australia, and Canada that when EMV went live the hackers moved online. Merchants saw an increase in online fraud by upwards of 40%. Experts believe there will be a shift in fraud to more online merchants since it becomes an easier exploit. Card not present transactions, while EMV is not supported yet, does have tools and protocols that can be used on a daily basis to mitigate a large amount of fraudulent transactions. Practicing PCI Compliance, only accepting cards with AVS (Address verification) and CVV (Card Verification value), validating unusual or a large amount of transactions from a single cardholder with a simple phone call can go a long way. Taking advantage of currently Mobius Payments Digital Authentication services such as Verified by Visa and Mastercard SecureCode. All these Tools offer another layer of protection against fraud.
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