OWP News


October's EVM Card Processing Deadline

Filed under News by on 5/30/2015

Those of you who process credit cards may know of the upcoming change in October. In case you don't, credit card companies are "shifting" liability to merchants who do not use the latest EMV (Europay MasterCard Visa) technology. As far as I can tell they are not requiring you to use the new chip readers, but you could be responsible if a card you process is used in fraud. So you probably want to plan on getting the new machines. Good news is there are machines that process both the new chip cards and the current magnetic strip cards, which will help the process of changing over.

This liability shift should only apply to "card present" transactions. Over the phone and online transactions should not be affected. Contact your Merchant Service Provider to be sure.

Consequently, online card fraud it forecasted to increase even more after October due to the fact that it may be an easier target due to the EMV technology. If you process cards online and have questions, contact us for a free review.

 

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