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A recent article caught our attention about potential EMV risk for merchants. The trade publication stated that with EMV standards coming down the pike, “U.S. merchants, acquirers, and issuers, small merchants in particular could face tens if not hundreds of millio
ns of dollars in annual fraud losses they are currently protected from.” The article speculates that a couple Octobers hence, in 2015, there could be a “liability shift set by the major card networks to implement the Europay-MasterCard-Visa (EMV) chip card standard (leaving) unwary merchants vulnerable to counterfeit fraud for the first time.” Merchants who aren’t up-to-date with EMV-capable point-of-sale terminals by then could assume liability for counterfeit-card transactions conducted in their stores.
Interestingly, the article notes that that “losses due to counterfeit cards in the U.S. run into the hundreds of millions of dollars annually and have doubled in the past seven years as other markets, including Canada and Mexico, have moved to EMV.”
In other words, as other countries and territories tighten up their protection with EMV, those places left without it become even more vulnerable to credit card fraud. The risk can be expected to keep rising as more areas become EMV-compliant, leaving those businesses and territories — the article notes that small merchants are especially vulnerable — more at risk as “softer targets.”
So make sure you contact AVP Solutions today — well before 2015, that is! Doublecheck all your security options to make sure you’re “shored up” against current fraud threats, and that you’ve availed yourself of all the security options AVPS offers with their retail solutions. Don’t wait until 2015. Heck, don’t even wait until December!
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