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Blog posts tagged with 'ATM Regulations'

EMV - Rattling the Cage


Recent cyber criminal activity has created quite the fuss. One of their largest targets? Target.

Over the holidays Target customers had their data and information hacked at an alarming rate. Since then Targets profits have fallen by more then 40%. In an attempt to restore it's image and integrety among it's  customers, Target has vowed to replace all of their terminals to EMV, or smart card readers by the end of the year. In addition to proving their dedication to data security, Target will also be issuing "Red Cards" with an embedded chips.

So what?

Well this has gotten a few people talking. The EMV wake is coming, and much like a teenager putting off mowing the lawn, companies are waiting until the last minute. However, the reactive approach can cost not only Target, but private ATM Owners as well. We all know MasterCard's liability shift goes into effect October 1, 2016, giving us two years to be proactive and ensuring our equipment is updated and EMV ready. But if Target has shown us anything it's that companies were expecting to take the reactive approach.

Targert's motivation was drawn from their customers. Consumers are pushing politicians to get EMV over and done with as soon as possible so as to avoid any more breaches. To large companies such as Target and Macy's however, the convenience was the time that so many customers are hoping gets cut down. Over all consumer awareness will be what drives mandated educational programs on the corporate level so that businesses will be active listeners and proactive EMV advocates.

EMV: What it's costing America

How much is EMV Costing the U.S.?

Guess! Okay I'll tell you, but before I do lets go over some of the details:

Billions of credit cards have to be re-issued, 10 million POS cardreaders have to be replaced and we're still  a little over two years away from MasterCard's liability shift deadline.  Experts say it will cost the United States upwards of $35 billion! It's obvious that the train is moving and there is no stopping it but recently the push to get this transition over and done with has become more aggressive since the infamous Target breach over the holidays. 

France first switched over to smartcard technology back in 1992, now in 2013 americans are urging their government, retailers and banks to make the switch as quickly as possible. Following recent information breaches, Target alone has pledged to have all of their terminals switched over to smartcard readers by the end of the year, while also issuing out "red cards" for their customers with an embedded chip.

So why the late transition? Up until just a few years ago it wasn't seen as a necessity. We rolled with the punches and did what we could to get by, despite the fact that that an estimated $8.6 billion is lost each year to some form of fraud.  Countries like France and Columbia have seen massive improvements since adopting EMV (up to 98% decreases). However it took the U.S. much longer to realize how necessary the transition is.  To put it plainley, we waited for the worst to happen, and it's costing us money. 

We'll never know if we could have saved money had the transition been earlier in the millennium. Either way, we'll be saving billions of people from fraud, so the cost is justified.

-Sources MSN

EMV Deadlines

For what seems to be a decade of rumors and speculation, EMV has been on the back of everyone’s mind in the financial industry. Is it really happening? If so when, and what are we supposed to do?

March 2012 was the famous deadline date to adopt the 2010 ADA Standards. Then, just over a year later, in April of 2013, POS and ATM Maestro Processors had to have the ability to support EMV transactions in accordance to MasterCard and Visa.

The upcoming year will be focused on both the Windows 7 software migration as well as the EPP7 requirement to remain PCI compliant followed by VISA's April 2015 liability shift deadline lingers over ATM acquirer processors to support EMV transactions.

As for ATM distributors:

Why you should choose to remember October

At this point the major deadlines fall during in the months of October for the next three years.

October 1, 2015 will be the time when Counterfeit card fraud liability shifts to merchants for POS Terminals. (Except fuel selling automated terminals)

October 1, 2016 will be the liability shift to ATM Owners for fraud committed through any Mastercard debit cards. Meaning we need to be EMV compliant by this date!!

October 1, 2017 will be VISA’s EMV deadline for the liability shift to ATM Owners in regards to fraud committed through Visa debit cards. This significant EMV liability shift date will also include Fuel selling terminals.

ATMTrader.com will keep you in the loop of the EMV migration, bringing you the latest and most relevant news regarding important dates on upgrades and compliance issues.