- As a CIO of a hotel, restaurant, or casino, you have to find an EMV solution for new liability rules that take effect on October 15th, 2015.
- This “liability shift” makes the non-EMV compliant party responsible for losses in the event of a compromise at the point of sale.
- As industries focus on customer service, it’s important to ensure that customers have a positive experience with payment technologies.
- Money that has been stolen from U.S. issuers, merchants, and consumers is on the rise. However, indirect costs are rising just as drastically. Moreover, reissuance costs are not factored into these statistics: the real cost of fraud may be 5 to 6 times greater.
Our Advice
Critical Insight
- EMV is not a mandate – It’s a liability shift specific to counterfeit fraud and lost/stolen cards set by the card issuers.
- EMV impacts foreign travelers from countries that have already implemented EMV. Evaluate your customer base to gauge the impact.
- EMV provides a foundation for mobile contactless payments.
- EMV does not address Card Not Present (CNP) fraud. Take additional measures during implementation to strengthen your online and over-the-phone purchasing process.
- Integrate PCI-compliant solutions, end-to-end encryption/point-to-point encryption, and tokenization for a more secure transaction.
- Check your existing contract with your card issuer: if you have a pre-existing plan, your card issuer may not legally be able to force you to change.
Impact and Result
- EMV is the first step to a multi-layered approach to protecting cardholder data upon swiping and then processing.
- Preparing for NFC payments (i.e. Apple Pay and Google Wallet) is a part of selecting your EMV solution.
- Make a solid business case for your EMV project by articulating and supporting the value it creates to the organization.
- Define the organizational context for your EMV deployment and make sure your technical requirements can satisfy your business requirements.
- Carefully plan your project prior to deployment to reduce any roadblocks and issues associated with implementation.