Visa has just released numbers on their push to move forward with EMV before the liability shift in 2015. Since 2011, Visa has issued more than 2.5 million EMV “smart cards” throughout the US.
The countdown has begun for American banks and credit unions across the country to make the move to EMV chip and pin technology for their payment cards. Visa and MasterCard have set forth a deadline of 2015 for all payment cards to have EMV technology or face a liability shift. This means banks or credit unions who do not issue the new cards will incur all fraud costs after 2015, if they are not EMV ready.
EMV is the mainstay across the world. The US is one of the last hold outs, still relying on the antiquated “mag stripe” technology introduced more than 40 years ago. EMV cards have been seen to dramatically decrease card skimming and theft around the world. Each transaction is encoded and encrypted with unique information; not static as is the case with mag strip technology.
Advancing Transaction Technologies
To learn more about EMV and how you can begin implementation at your financial institution email your shoreline representative at info@shorelinebf.com
