The October 2015 EMV compliance mandate still has some retailers in the dust, giving EMV compliant ATMs a leg up on their competition. According to the Credit Union Times, more businesses are non-EMV compliant than in compliance due to low legal ramifications and nonrestrictive requirements. The main consequence retailers face of not having an EMV-chip card reader is the business holds liability if customer information is stolen from a traditional card reader. EMV-chip card reader sales have decreased from 25 to 20 percent of all POS sales from 2015 to 2016. according to the Credit Union Times. As such, ATMs for banks and credit unions that are EMV compliant help businesses maintain a leg up on their competition and comply with further mandates set for October 2016.
According to the PCI Compliance Guide, businesses are liable for the full costs of goods stolen from a non-EMV, non-PCI compliant point of sale system. This mandate has not taken effect at all banks and credit unions, however. In October 2016, all ATMs and POS systems at banks and credit unions must be PCI compliant and EMV-chip card compatible. Financial institutions that do not adopt EMV compatible devices will be liable for the costs of any damages or customer data stolen.
EMV-chip cards are considered safer to use at ATMs and retailers due to their increased security measures. EMV is classified as counterfeit card fraud protection, as its unique data makes it difficult for thieves to replicate. However, EMV is not a type of data encryption, as the Primary Account Number must be properly protected under PCI guidelines. EMV-chip cards work best in interpersonal interactions such as retail purchases or ATM transactions. Investing in an EMV-compliant ATM before October 2016 is a wise investment for banks and credit unions looking to avoid legal fees.
New ATMs come pre-loaded with customizable software that can adapt to your business needs. Aside from being EMV compliant, they also provide users with unique benefits such as check deposit, account balances and the option to transfer funds directly at the machine. Newer ATMs are easier to service than old machines because of brand-new software. They are also simple to update and take less time to complete that action than older machines.
April 22, 2016