Because of the rapid increase in credit card fraud, card issuers in the U.S. are now migrating to the more secure EMV chip card payment technology.
Card Present fraud in the U.S. is expected to significantly decrease as more merchants and customers have EMV capability. In participating countries, EMV technology has reduced Card Present fraud by as much as 84%.
Switching to EMV can reduce the risk of fraud for your business and your customers. EMV chip cards are more difficult to counterfeit because they use a microchip to store account information. Upgrade your EMV equipment sooner, rather than later. Card fraudsters prefer easy targets and are expected to concentrate their efforts on merchants who have not upgraded to EMV.
Businesses will need to provide training to their employees on how chip cards work. Consumers will need to change their behavior from swiping to inserting their card into the reader and leaving it until the transaction is completed. Watch How to Use Your Visa Chip Card here. In addition, the way consumers tip will change with EMV technology. Tips will need to be added before the card is processed. For more information, visit altra.org or contact Altra’s Business Lending staff.