Sydney Outsourced IT Services Blog
Hurry, Uncover the Secret to Complying with EMV Standards Before October 1st, 2015!
Get Ready for the Hugest Change to the Way Retailers Handle Credit Cards!
For retailers who accept credit cards, there’s a huge change looming in the future. On October 1st, 2015, all retailers must comply with EMV standards. Essentially, EMV stands for Europay, MasterCard, and Visa. The standard, wherein retailers must update card terminals to accept EMV cards, was developed to minimize the risk of threats to consumer information as EMV cards are more advanced and capable of encrypting personal cardholder data during transactions.
Sydney Technology Solutions is here to help you get ready for the hugest change to the way retailers handle credit cards! Call us at (02) 8212 4722 or send us an email at [email protected] for more information.
If you don’t update your card terminals before the deadline, you’re responsible for any fraud that occurs due to lack of proper security measures. This is an important standard for reducing credit card crime. In the UK, for instance, credit card crime was reduced by 60% after implementing the standard. Ready to start reaching compliance? Here’s the secret steps you need to know:
- Purchase new terminals: All terminals must require cards be inserted rather than swiped, and after purchasing new terminals, they must be integrated properly with any CRM/inventory control or other software systems.
- Safeguard online transactions: As the standard makes in-store purchases more secure, cybercriminals will target online transactions instead, so make sure you’re requiring a security code for all purchases.
- Communicate clearly with everyone: Make sure you’ve communicated the reasons behind moving towards compliance to everyone from management to staff working with devices to ensure success throughout the process.
Keep in mind, YOU will be liable for any and all cases of fraud after the deadline. The cost of purchasing new terminals and integrating any and all complex software with new terminals will be nothing compared to the cost of being held liable for fraud. Don’t take risks – start moving towards compliance immediately.
Sydney Technology Solutions knows the importance of making sure you’re compliant with EMV standards before October 1st, 2015. Contact us at (02) 8212 4722 or send us an email: [email protected]. We’d be happy to help you comply to avoid liability in the event of fraud.