Euro MasterCard Visa card (EMV) uses chip card based technology. It was originated from Europe, and it has been used around the globe since then. Instead of storing information on magnetic stripe card, this technology uses EMV which is like a small computer inside the credit card.
An EMV chip card is enabled payment terminal that is more secure than stripe card. There is a microprocessor inside it that creates a unique transaction code which can’t be used multiple times. It can reduce the credit card counterfeiting up to 60%.
What EMV Cards can do?
• If you are not using these cards then you are subjecting yourself to fees that result from fraudulent sales through your account. If you don’t want these fees then simply get an EMV card as soon as possible.
• EMV technology don’t protect you from card not present fraud, it is useful in card present environment, and won’t give any extra benefits to MOTO merchants.
• You will still be verifying shipping locations, addresses, and trusting judgement when accepting sales online.
You may think that this won’t affect much, you probably haven’t seen any EMV cards yet. It is important to know that most US banks have started to use this technology largely. As a merchant you will soon be seeing EMV cards in establishments, and it won’t be long when customers will stop using magnetic strip for the payment.
How EMVis Affective against Chargebacks
EMV technology has a lot of benefits, some of them are as under:
• Reduce risk of frauds:Many big merchants are moving from old stripe based system to EMV, which means criminals will be looking for cards that haven’t been upgraded yet. If you invest in this new payment technology that accepts EMV cards, you will not only avoid chargebacks due to frauds, but also will reduce any possibility that frauds will occur at your online store or business.
• Reducing Credit card frauds globally: Credit card processing frauds have reduce globally, many countries utilize EMV technology as solution. According to a group report that was published in 2014, U.K is one of the countries which has seen 56% decline in frauds after using EMV cards from 2005. Australia and Canada also have seen 38% and 49% decline in frauds.
• Navigating to the EMV: It may look like a daunting task, but if you want to use safe, simple, and effective methods then EMV is probably the best option currently available. Many industries are looking for fast and secure path to get where they want to. You can also shift attention from stripe based cards to EMV because it is much more secure and provides a complete new kind of system that can save a lot of money by reducing frauds.
Approximately 15 million United States residents have their identities used fraudulently each year with financial losses totalling upwards of $50 billion.
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