There’s an important deadline approaching and your business should be prepared. October 1, 2015 is a date to mark on your calendar. That’s when businesses need to update their credit card terminals to accept EMV chip cards or they may assume financial responsibility if a data breach or counterfeit transaction occurs.
EMV® chip technology is an evolution in payments that will help increase security, reduce card-present fraud and enable the use of future value-added applications. Merchants who accept credit cards have an important deadline associated with EMV approaching. If after the deadline you fail to migrate to EMV payment processing, your business may be responsible for fraud-related costs that could have been prevented with the use of a chip-enabled point-of-sale (POS) system.
Since 2011, the Federal Reserve Board has conducted a survey of how consumers use their mobile phones to interact with financial institutions (mobile banking) and use of mobile phones to make informed shopping decisions and pay for goods and services (mobile payments).
Merchants and all other parties involved in electronic transactions have to take every precaution to protect all entities from identity theft and fraud resulting from payment security breaches. If you accept credit card payments, the Payment Card Industry Data Security Standard (PCI DSS) should be adhered to as your first line of defense for protection.
Acquiring and maintaining PCI compliance isn’t complicated. The process is made up of common sense practices to assess your payment card processing scope and analyze it for vulnerabilities that could potentially expose cardholder data.