Visa recently published a report revealing that US merchants that completed the chip upgrade have registered a whopping 66% decline counterfeit fraud in June 2017 compared to June 2015.
According to the report, more than 2.3 million merchants, or 55% of storefronts in the US, are currently accepting chip cards, a surge of 542% since the beginning of EMV migration in the country.
2017
VeriFone EMV Software
Skimmers at gas pumps are a growing threat and the use of skimmers by fraudsters to steal credit card information is on the rise.
With the three-year extension to update your dispensers with chip-card readers, card skimmers will continue to be a threat until at least October 2020 when liability shifts to the party that does not enable EMV during the fraudulent transaction.
To protect your sites and your consumers, consider doing the following on a daily basis:
October 1, 2017, marked two years since the October 1, 2015, EMV liability shift took place at the Point-of-Sale (POS). Hardware and software upgrades should have already been made to your POS, allowing you to accept EMV cards and providing you with protection from counterfeit transaction liability.
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Gilbarco Veeder-Root has announced the successful processing of the first US EMV™ "chip" transaction at a fuel dispenser, utilizing Gilbarco's Passport® Point-of-Sale (POS) and Encore® fuel dispensers on the First Data network (NYSE:FDC).
The first EMV chip transactions have now occurred in the U.S.
If your Gilbarco dispenser is EMV-ready, turning on EMV at the dispenser only requires a simple Passport software upgrade. Industry research suggests that up to half of the gallons pumped in the U.S. in 2018 will be from EMV enabled dispensers – dispensers that have EMV hardware installed and need only a POS or minor dispenser upgrade.
Why this matters?
Remember the card skimming wave, in which fraudsters attach false fronts to outdoor ATM and gas pump point-of-sale terminals to harvest the details off your card’s magnetic stripe and clone your card?
Well, the new card skimming is called 'shimming'. It targets EMV chip cards and is very hard to detect, but remains extremely rare.
The Do’s and Don’ts of the EMV Delay…As petroleum retailers you can benefit from the delay as long as you have a full understanding of the associated risks. Take advantage of this brief reprieve to make the most of the EMV compliance delay for automated fuel dispensers.
DO proceed with EMV completion at your Point-of-Sale (POS)