EMV Compliance Upgrades
Instead of swiping the metallic stripe on the back of a card, EMV cards have chips that are dipped into the reader to generate a one-time transaction code for every transaction. Since the codes change for every transaction, the information is useless if the card is copied since the one-time transaction code will already have been used. Statistics from Visa show that credit card counterfeit fraud decreased by 70% during the first two years after EMV was introduced. It is easy to see why EMV compliance is such a good idea.
Why EMV Compliance Matters
Instead of swiping the metallic stripe on the back of a card, EMV cards have chips that are dipped into the reader to generate a one-time transaction code for every transaction. Since the codes change for every transaction, the information is useless if the card is copied since the one-time transaction code will already have been used. Statistics from Visa show that credit card counterfeit fraud decreased by 70% during the first two years after EMV was introduced. It is easy to see why EMV compliance is such a good idea.
When the EMV Compliance deadline is reached on April 17, 2021, gas station owners will become liable for chargebacks on fraudulent transactions if they have not upgraded to EMV payment systems at their location. At present, credit card issuers shoulder that responsibility.
Don’t Lose Focus Due to Deadline Extension
EMV compliance is not something that the majority of fuel retailers can afford to ignore. However, with the six-month extension to the deadline, many have become complacent, thinking that it means they have plenty of time to get the required upgrades in place. In reality, this is no time to lose focus on achieving EMV compliance. When you take into consideration the time needed for site surveys and the lead time on the necessary equipment, it can take a few months to complete an EMV upgrade. As the deadline begins to draw closer, there is likely to be a flurry of business owners scrambling to make the deadline, resulting in delays in the supply chain for the necessary fuel dispensers. It is better to start making plans to book your EMV upgrade as soon as possible.
