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Merchants that don’t replace card readers face potential liability

By STEVE CLARK Staff Writer | Posted: Thursday, March 19, 2015 10:46 pm

CREDIT CARDs

Small business owners need to be aware of changes in credit card-processing technology that go into effect Oct. 1, or else potentially be stuck with the bill in the event of fraud.
In response to many high-profile data breaches in recent years involving large U.S. retailers and a steady rise in counterfeit card fraud, U.S. credit card companies are moving toward a microchip technology dubbed “EMV,” which stands for Europay, Mastercard, Visa .

Cards embedded with the EMV chip generate a unique one-time code for each transaction, making them much more fraud resistant than traditional magnetic-strip cards.
While EMV cards are just now being adopted in the United States , they’ve been in use for several years in Canada , Mexico and Western Europe . About 120 million Americans have already received them, according to Smart Card alliance, a nonprofit multi-industry group pushing for widespread adoption of the technology — also known as “smart card.”

According to SCA, countries that have implemented EMV report less fraud compared to non-EMV countries — at least when it come to “card present” transactions, or transactions where the card is swiped at the point of sale.
An SCA white paper released last month said that countries that have gone to EMV are reporting a rise in fraud targeting “card not present” transactions — those taking place online or over the phone.
The same thing may happen in the United States as the country moves toward EMV, which is why the SCA is advising the U.S. payments industry to find ways to make phone and online transactions more secure.
EMV cards aren’t swiped but rather are “dipped” into a slot in a terminal or tapped on the terminal. In each case, a signature or PIN number is required. Merchants will have to train staff to use the new equipment, which works differently than old-style terminals.

There’s no penalty for merchants that don’t replace their non-EMV equipment by Oct. 1, and most EMV cards will also feature the old-style magnetic strip. However, beginning Oct. 1 the merchant — not the bank — will be liable for fraud involving a counterfeit card at a non-EMV terminal.

If the fraud takes place after the merchant upgrades to EMV-compliant equipment, the bank is liable, according to IBC bank, which is conducting an EMV education campaign for merchants.
IBC advises businesses to contact their transaction-processing companies to find out about the cost of the new equipment and any changes in card fees.

Restaurants and other businesses that typically take the customer’s card to a “back of store” terminal for swiping will see changes as well. EMV terminals will be brought to the customers for signing or PIN entry instead, according to IBC.

Kevin T. Mullins, IBC’s senior vice president for Electronic Services, said it’s “simply a business decision” whether or not to switch over.
EMV cards can’t be cloned, he said, which means they can’t be “skimmed” and “cloned” like magnetic-strip cards. While EMV will put a dent in fraud, it won’t eliminate it completely, Mullins said.

“Lost/stolen card fraud would still be possible, even with an EMV-enabled chip card, but the issuing bank would be responsible for those losses, not the merchant,” he said.
Mullins said it’s very likely that in the future all merchants will need EMV equipment if they want to accept credit cards.

“It will take the U.S. years to upgrade the millions of terminals in existence, but it will happen."

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