On the other hand, several banks have already completed the shift to the EMV
technology and deactivated magnetic stripe-equipped ATM and debit cards.
Further, the report states that complexity of EMV
card chips will be a major challenge for the market.
It's time for the card networks and banks to stop passing the buck onto the backs of merchants, but rather they should work together with merchants to further eliminate fraud by issuing credit cards with PINs and work to speed up the EMV
certification process," he wrote.
There are a lot of cogs in the machine, many of which have to make changes in order to support EMV
Here are some tips when making the switch to EMV
The fraud liability shift is part of the nationwide migration to EMV
technology, which is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions.
For more information on the solution, visit: Microsoft RMS EMV
Chip and Pin Integration
The solution is intended to help the bank to make a smooth transition from magnetic stripe to EMV
Issuers who perform EMV
data preparation in-house gain more control of the security of their most valuable asset - cardholder data and associated keys and thus reduce the risk of a breach.
Timeline Beyond the Road Maps: How Long Will Conversion Really Take?
Chip-based smart cards, also called EMV
(for EuroPay, MasterCard and Visa, the founders of the standard), contain a microchip that authenticates the card, the transaction, and the user, thereby making them less vulnerable to being copied and used fraudulently.
The official figures, which represent the latest statistics from American Express, JCB, MasterCard and Visa as reported by their member financial institutions globally, highlight the growing usage of EMV
technology worldwide with 36 per cent of total cards and 65 per cent of total terminals in circulation based on the EMV