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EMV stands for Europay, MasterCard® and Visa® and refers to the increased security of payment card transactions through the use of a chip embedded in credit, debit, and prepaid cards. Chip cards are extremely difficult to duplicate, and paired with additional layers of security such as encryption, tokenization and other authentication techniques, EMV is geared toward significantly reducing card payment fraud.
The EMV deadline, commonly referred to as the “liability shift”, is set for October 1, 2015. The liability shift means that card issuers must begin to implement EMV chips in the cards they produce. And, merchants who accept credit cards in a face-to-face environment must upgrade to chip-compatible equipment to avoid potential losses due to fraud and chargebacks.
If a cardholder using a chip card initiates a chargeback, and the merchant was not utilizing chip-compatible equipment, the merchant will be liable for any counterfeit card transactions. In addition, the merchant who does not have an EMV-ready terminal could potentially become the target of criminals looking for opportunities to steal credit card information from the less secure non chip-compatible point of sale equipment.
BankOnBuffalo has been preparing for the EMV liability shift for several months and can offer merchants several EMV-capable terminal options. For your own protection, merchants should plan to upgrade POS card equipment to EMV-ready terminals no later than October 1, 2015.
Please contact Treasury Services by calling 716-462-5500 to determine if your BankOnBuffalo equipment is ready or to learn more about EMV and how to upgrade your terminal. We are happy to assist and answer any questions you may have.
For specific questions about BankOnBuffalo's Treasury services, call them at 716-462-5500. The Customer Service Center is also available to you from 7:00am-6:00pm Monday thru Friday and 8:00am-3:00pm Saturday. BankOnBuffalo appreciates the opportunity to be your financial partner.
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