Data Security 101
Published in CSP Daily News
Webinar on EMV chip technology set for mid-January
PRINCETON JUNCTION, N.J. -- Retailers concerned about the looming credit-card-company mandates to deploy new EMV security measures in their payment systems may want to attend an upcoming webinar about the basics of what is expected.
Europay MasterCard Visa, or EMV, chip technology is a data-security method that is scheduled for implementation here in the United States beginning in 2015 as a way to reduce counterfeit-card fraud, provide global interoperability and enable safer transactions across card and mobile NFC (near-field communication) payment channels.
According to the Princeton Junction, N.J.-based EMV Migration Forum, which is hosting the session, all U.S. payment industry stakeholders need to learn how migrating to EMV chip payments can help them achieve these benefits and ready their organizations for the October 2015 shift in fraud liability, where merchants will shoulder that responsibility if they fail to comply.
The free webinar called, "EMV 101," will be held on Wednesday, Jan. 22, 2014.
“With a payments ecosystem as complex as the United States, card-issuing banks and retailers should start now and engage in ongoing education throughout all stages of EMV chip migration,” said Randy Vanderhoof, director of the EMV Migration Forum. “The EMV Migration Forum provides several levels of education, but this foundational ‘EMV 101’ tutorial is the most critical in preparing organizations for their move to EMV chip payments.”
The webinar will provide a comprehensive overview of EMV chip technology, with topics including:
- EMV payment processes and how they differ from magnetic-stripe transactions.
- EMV chip-security and risk-management features.
- Options for card authentication, cardholder verification and transaction authorization.
- EMV specifications and references.
- EMV implementation status, globally and in the U.S.
The webinar, featuring Guy Berg, senior managing consultant of MasterCard Advisors, Purchase, N.Y., is part of the EMV Migration Forum’s ongoing efforts to provide knowledge to help retailers plan and implement a successful migration to EMV chip payments.
“EMV 101” will be held on Jan. 22 at 1 p.m. EST (10 a.m. PST). Click here for free registration.
The webinar will be recorded and added to the library of EMV resources found at www.emv-connection.com, which includes additional tutorials and educational information specifically for issuers, merchants, acquirers/processors and consumers.
The EMV Migration Forum is holding its next one-day Working Committee Meeting on Monday, Feb. 3, 2014, in Salt Lake City, in conjunction with the Smart Card Alliance seventh annual Payments Summit, which will take place Feb. 5-7. Click here for more information.
Commonly used globally instead of magnetic-striped cards, EMV chip technology helps to reduce card fraud in a face-to-face “card-present” environment; provides global interoperability; and enables safer transactions across contact and contactless channels, according to Forum executives. EMV implementation was initiated in the U.S. market in 2011 and 2012 when American Express, Discover, MasterCard and Visa announced their roadmaps for supporting an EMV-based payments infrastructure. Acquirer processor readiness mandates to support EMV were established for 2013, with liability shifts for managing fraud risk in a face-to-face environment set for 2015 for in-store registers and 2017 for dispensers.
Established in July 2012, the EMV Migration Forum is a cross-industry body focused on supporting the EMV implementation steps required for global and regional payment networks, issuers, processors, merchants and consumers in the United States. The focus of the forum is to address topics that require some level of industry cooperation and coordination to migrate successfully to EMV technology in the United States.