Credit card fraud is big buzz these days, and rightfully so, given the impact it has on businesses and customers alike. The best defense against it is a strong offense, which begins at the point of sale with a careful examination of the card.
The push is on at Visa®, MasterCard® and Discover® to educate consumers about so-called “smartcards” that are gradually making their way into American wallets, and to remind retailers about the October 2015 liability shift. Here’s what both target audiences need to know about the ongoing transition to EMV® technology.
POODLE (Padding Oracle On Downgraded Legacy Encryption) is a recently-identified vulnerability in SSL 3.0 (Secure Socket Layer) that could allow a hacker to extract data from secure online connections. POODLE has potential implications for the security of the encryption being used in credit card processing devices that could impact all merchants across all processors.
As we’ve been writing here for a while now, the United States is in the process of adopting a new technology standard for credit card transactions called EMV®. In less than one year, businesses that are not EMV compliant will be held financially liable if a fraudulent transaction occurs, so now’s the time to make the necessary changes to protect yourself, your business and your customers.
EMV® micro-chipped “smartcards”, which are gradually working their way into U.S. wallets, come in two versions: chip-and-signature and chip-and-PIN. The main difference between them is how they’re authenticated at the point of sale.