leveraging emv to protect your business
TRANSCRIPT
© Worldpay 2014. All rights reserved.
Leaders in modern money
© Worldpay 2014. All rights reserved.
01 EMV Essentials
02 Merchant’s Perspective
03 Fraud Migration
04 Additional Information
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EMV Europay
MasterCard
Visa
© Worldpay 2014. All rights reserved.
EMV Essentials
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• EMV stands for Europay, MasterCard and VISA
• All major credit card brands are aligned on shifting of counterfeit fraud liability to the party that doesn’t support EMV as of Oct 20151
• The EMV “chip” is a secure microprocessor
built into a card or some other form factor (e.g. mobile devices)
• Chips can be contact and/or contactless
• The chip generates a unique number for each sale transaction making it impossible to use a cloned card on a card-present transaction
© Worldpay 2014. All rights reserved.
EMV Essentials
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How to Process CHIP & PIN Card Transactions
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1. EMV is being introduced by all major card brands to solve for the following: Counterfeit Card Fraud
Common Cardholder Experience
2. Merchants need to purchase EMV equipment before Oct 2015 in order to avoid the counterfeit card liability shifts
This is not a mandate per se, but a card brand
push to help the U.S. adopt EMV
MasterCard is incenting merchants who invest
in EMV equipment by reducing Account Data
Compromise fees:
50% starting Oct 2013
100% starting Oct 2015
Merchant’s Perspective
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With an EMV enabled card, the chances of counterfeit card fraud approach zero. The liability shifts to the merchant in nearly every case where they are not able to process an EMV enabled card via CHIP & PIN.
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Fraud Migration to the US on the Rise
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…the US has not yet adopted EMV
In Europe, fraud for card present transactions has declined precipitously
Did you know…
U.S. credit card fraud costs the industry $8.6 billion annually2
Like squeezing a balloon, fraud is migrating to the U.S. from other parts of the world that have already adopted EMV
2” Card Fraud In The U.S.”. Aite Group LLC. Jan. 2010. Web. Dec. 2012 <www.aitegroup.com/Reports/ReportDetail.aspx?recordItemID=625>
© Worldpay 2014. All rights reserved.
Worldpay Leadership
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Worldpay has long been a recognized as a leader in EMV as a technical working group member in EMVco, which is the card brand owned organization that maintains EMV standards
Worldpay is helping guide the implementation of EMV in the U.S. by working with the EMV Migration Forum, a forum of 100+ members from the entire payments industry, including
global payment brands
financial institutions
merchants
processors
acquirers
regional debit network
device manufacturers
and industry associations
© Worldpay 2014. All rights reserved.
Contact Worldpay for an EMV Overview presentation
See the following websites for more information on EMV:
EMVco: http://www.emvco.com/
EMV Migration Forum: http://www.emv-connection.com/
Smart Card Alliance: http://www.smartcardalliance.org/
Additional Information
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© Worldpay 2014. All rights reserved.
Any questions? Contact Chris Harrison [email protected] 703.969.8302 1934 Old Gallows road Suite 350 Vienna, VA 22182 www.worldpay.com
Worldpay 600 Morgan Falls Atlanta, GA 30350
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