What are EMV credit cards?
EMV credit cards are smart cards with integrated circuits that allow point of sale (POS) authentication, which helps to prevent fraud.
If you are a merchant that accepts credit cards, and these days, who isn't, then keep your eyes open for October 2015. This is the deadline to have your credit card POS hardware accept EMV credit cards.
Merchants that do not upgrade will be liable for the fraudulent use of counterfeit, lost, and stolen credit cards.
Chances are, you've already been approached by your merchant account provider. If not, don't wait!
If you're not familiar with EMV credit cards, here is a little history for you, taken from Wikipedia. First off, EMV stands for Europay, MasterCard and Visa. EMV is a global standard for the inter-operation of chip cards (IC Cards), and IC card capable POS terminals and ATMs.
In Canada for the most part, the major Credit Cards have already implemented Domestic Liability to merchants that can't accept EMV cards. Here's a list taken from Wikipedia:
- American Express: liability shift on 31 October 2012.
- Discover will implement liability shift on 1 October 2015. For pay at the pump at gas stations, the liability shift is 1 October 2017.
- Interac (Canada's debit card network) stopped processing non-EMV transactions at ATMs on 31 December 2012, and will stop processing non-EMV transactions at point of sale terminals after 31 December 2015.
- MasterCard: domestic transaction liability shift on 31 March 2011. International liability shift on 15 April 2011. For pay at the pump at gas stations, the liability shift was implemented 31 December 2012.
- Visa: domestic transaction liability shift on 31 March 2011, and international liability shift on 31 October 2010. For pay at the pump at gas stations, the liability shift was implemented 31 December 2012.