EMV is becoming the credit card security standard. Merchants, consumers and processors will have to adapt to the switch. If your wine business accepts credit cards, you may not need to make any changes, but you should at least know the facts.
Last month, we partnered with one of our preferred processors to bring you a one-hour session on EMV. Watch the recorded webinar for detailed information, or scroll down for the fast facts.
EMV is a chip technology used globally instead of the traditional magnetic stripe that we're used to. EMV chip technology helps reduce credit card fraud in face-to-face, card-present transactions and enables safer and smarter transactions across contact and contactless channels. EMV was conceived by EuroPay, MasterCard and Visa (EMV). This group includes representatives from all major world brands (American Express, Discover, JCB, UnionPay) and comprises the governing body referred to as EMVCo.
EMV has been the credit card standard in most industrialized nations for years. The United States is among the last to adopt the technology and technically-advanced criminals have certainly exploited the situation. EMV is a much more secure model for processing payments, so thieves have naturally gravitated toward the easier-to-steal data on magnetic stripe cards. The result has been a series of high-profile and damaging card data breaches. In fact, while the U.S. accounts for only a quarter of the world’s transactions, about half of all credit card fraud happens in the United States. EMV will correct that disparity and help make digital commerce safer.
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