Your EMV chip debit card at work
When you reissued your debit card with EMV chip card technology, you prepared cardholders to be more conscious about the payments they make and merchants to be more aware of the payments that they accept. Giving everyone involved in the transaction process better protections against fraud is making a big impact – for them and for you.
According to Bloomberg, 2016 counterfeit card fraud is predicted to increase to a tune of $4.5 billion, up 12.5 percent from the previous year. Due to the passive transition among U.S. card issuers and retailers, data thieves are using 2016 as a last-chance opportunity to exploit stolen card information before widespread EMV acceptance finally takes hold.
However, equipped with EMV chips, your card is hard at work keeping your cardholders ahead of the criminals. Let’s take a look at how your EMV chip debit card is improving payments.
Like traditional magnetic stripe cards, EMV debit cards require either a signature or a PIN. However, unlike the traditional cards, EMV card verification is supported the unique transaction code generated by the chip in order to authenticate its user. After this double-check of the authenticity of the card, EMV cards go above and beyond by “hiding” sensitive card information from would-be data thieves.
Perhaps the most significant way that EMV chip cards are improving transactions is by shielding your cardholders and the EMV enabled merchants they frequent from cases of card-present fraud. Purchases made from an EMV enabled credit and debit card terminal reduce fraud resulting from lost, stolen, and counterfeit cards. Also differing from the magnetic stripe cards, the chip imbedded in your card is able to create an encrypted code for each individual transaction, a code that is extremely difficult to emulate or breach.
Your EMV debit chip card can also employ tokenization for any instance that a merchant may need to store cardholder data for post-authorization transactions, like adding the tip to a bill or for facilitating recurring billing. This security feature substitutes the specific card data with a non-sensitive code of random numbers, called a token. In the event that a breach does occur and a token be stolen, the tokenized information is impossible to reverse, thus rendering it unable to be used for counterfeit card duplication. Paired with encryption and tokenization solutions, EMV chip cards create the ultimate security protection.
By reissuing your debit card that is alignment with EMV specifications, you have given your cardholders a smarter and safer means of completing transactions. Empowered by these improvements, cardholders gain a greater confidence in using your card to make both in-store and online purchases – and the confidence to use it more often. Becoming the card that your cardholders know and trust, your EMV chip debit card is working against the rise of card fraud and rising to the top of your cardholders’ wallets.