The banks rationale is "we took care of the problem by issuing secure cards, so you (the merchant) have the responsibility of using a terminal designed to read them. This is why from forward, banks will no longer accept liability for credit card fraud on any transaction where a counterfeit smart card is used, and the merchant doesn't have an EMV compliant terminal. Cards with an embedded chip are claimed to be "counterfeit proof", so the banks profess they are protected from fraud by issuing these more secure cards. Credit cards with the magnetic strip on the back are too easy for counterfeiters to duplicate. The reason most commonly given for the switch is for security purposes. Over 600,000,000 of these cards are expected to be issued in 2015 alone. market with credit cards with a processing chip embedded on the card (a.k.a. The main reason why a merchant needs to upgrade to an EMV terminal is because credit card issuing banks are planning to flood the U.S. All decisions are made on a consensus basis among the member organisations." - taken from EMVCo's website at What are EMV-Ready terminals (and why should you care)?ĮMV terminals are credit card terminals which are euqipped with a small intergrated circuit to read the embedded processing chip in an EMV Credit Card. Each of these organizations owns an equal share of EMVCo and has representatives in the organisation at the management and working group levels. "The EMVCo members are American Express, Discover, JCB, MasterCard, UnionPay and Visa. These are cards which have a processing chip embedded in them, and are meant to make credit and debit card transactions more secure, thereby reducing or eliminating fraud.ĮMV specifications are managed and maintained by a company called, "EMVCo". "EMV" is an acronym which identifies the names of the card brands - Europay, Mastercard, and Visa, who co-developed specifications to be used to process "chip-based" credit cards (a.k.a.
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