By Tim Baker | July 22, 2015
It is no surprise that EMV is rolling out on October 1, 2015 and that if you are not EMV compliant then your financial institution is at greater risk. EMV, which stands for Europay, MasterCard and Visa, is new a global standard for self-service kiosks, ATMs and payment terminals which can accept smart payment cards. EMV cards are smart cards that store their data on integrated circuits, also called chips, rather than magnetic stripes.
EMV compliance is shifting liability of fraudulent transactions from the financial institution, banks and credit unions that issue the smart payment cards to the merchants and retailers who accept them for payment. The shift will result in the owner assuming liability for fraudulent transactions of non-EMV compliant payment devices and self-service kiosks. This liability shift means that those card issuers and merchants using non-EMV compliant payment devices and self-service kiosks that choose to accept transactions will assume liability for any transactions that are found to be fraudulent. If ever there was a time to ensure EMV compliance with a chip-compatibility strategy that reduces fraud, it’s now.
Financial institution, banks and credit unions that have and self-service kiosks are directly impacted by EMV compliance. Not only from a smart card issuing perspective, but also the devices like self-service kiosks that accept them. To learn about the EMV best practices documentation for financial institutions check out EMVCo.
Source Technologies has embraced the shift to EMV compliant devices into its Personal Teller Machines to help financial institutions, banks and credit unions reduce fraudulent transactions while creating a customer-centric focus on the user experience, along with reliability and serviceability. To learn about Source Technologies’ Personal Teller Machines, check out our self-service banking kiosk and personal teller machine software.
Please contact us today to learn more about how Source Technologies can reduce your risk and liability with EMV compliant personal teller machines.
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