Credit card fraud in the United States is rampant. In 2014, credit fraud costs totaled $32 billion, 38 percent more than 2013, according to the 2014 LexisNexis True Cost of Fraud Study. That’s why US banks have been issuing new credit cards featuring an embedded computer chip designed to combat credit fraud called EMV — it stands for Europay, MasterCard and Visa.
As the name implies, EMV has been the standard in Europe (and most of the world) for about 10 years and has proven effective in stemming fraud. This month, we explore EMV, discuss equipment considerations in order to accept EMV and other types of secure payments and provide insight on how this impacts your business.