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A primer in EMV chip technology for your ATMs

atm emv chip check imaging windows 10 ready ATMs

Get ATMs that are EMV compliant and supported by a national network of local sales and service offices

EMV. It stands for Europay, Mastercard and Visa, and it's a global standard for credit and debit cards embedded with chips. Back in 2013, cards started migrating to the EMV standard in an effort to reduce fraud and protect consumers making transactions in retail locations and at the ATM.

Today, there are some 2 billion chip-enabled cards worldwide, nearly 800 million in the U.S. alone, and according to Visa, approximately 50 percent of stores in the U.S. accept EMV cards. The U.S. is bringing up the rear currently in terms of worldwide EMV use. Europe, Africa, the Middle East and Latin America all hover around the 90 percent mark in terms of EMV transactions, while Asia is just over 50 percent. In the U.S. as of 2017, EMV transactions accounted for 41 percent of all transactions. The numbers are expected to rise.

The chips make transactions safer because, unlike the old cards with magnetic stripes that contain unchanging (and therefore hackable and reusable) information, the chips create a unique code for each transaction that cannot be used again, rendering the card useless to hackers.

Should you switch?

In a word, yes. Not only is it about greater security for your customers, it is about greater security for merchants and financial institutions that offer ATM service. The issue is liability — who bears the cost — if fraud occurs. Before EMV, if a Visa card was used by a hacker, it was Visa's problem. Now, if your ATMs cannot accept EMV cards and get hacked, it's your problem. The ATM acquirer, whether it's a financial institution, retail or grocery store, bears the cost of the fraud.

EMV solutions must pass tests for compliance with EMV standards. Get ATMs that are EMV compliant and have anti-skimming technology so your customers can feel secure in their transactions. For information about EMV compliance and your ATMs, go here.

December 14, 2018