(PRWEB) May 15, 2014
The point-of-sale fraud that results from retail data breaches like those at Target, Michaels, and Niemen Marcus would be greatly reduced if not completely stopped if EMV were in place, or so contends Dave Tushie, payments industry expert. The Europay, MasterCard, and Visa (EMV) standard for integrated chip cards (aka smart cards) introduces completely different attributes during the payment transaction process that make fraudulent interception of payment details useless for creating counterfeit cards. Tushie illustrates these changes in the next of the Prime Factors educational webinar series, EMV Advanced: EMV Transaction Lifecycle, on May 29, 2014. This multipart series covers all aspects of EMV-compliant processing, from its cryptographic foundations through card issuance to final payment detail capture.
While EMV card circulation has hit over two billion worldwide, according to EMVCo, the corporation chartered to independently promote the standard and its adoption. The readers for these cards now total nearly 37M around the globe, the organization notes. The technology is already proven to reduce counterfeit card fraud when card details are compromised in retail data breaches. However, penetration in the US is almost zero, with only a few EMV-compliant cards issued for international travelers. This is expected to change over the next sixteen months, as Visa, MasterCard, and other card networks will institute a shift in liability in October, 2015, from card issuers to merchants when EMV-compliant cards are used at the point-of-sale.
In this session, Tushie notes the critical steps in EMV-compliant payment transaction processing, with particular focus on changes in the electronic processing that occurs without cardholders’ knowledge or participation. This is the second in the webinar series, with additional sessions scheduled:
- EMV Advanced: EMV Implementation Options – June 17
- EMV Advanced: Cryptographic Key Management - July 15
Additional sessions will be announced later in the year.
Tushie is a recognized authority on this subject, sitting on several related standards committees as a voting member. He participated in defining the original EMV specifications and was co-founder of UbiQ, an early software development firm focused on the use of smart cards for electronic payments. He currently provides Product Management oversight for Prime Factors’ Bank Card Security System (BCSS) product line.
More information about the webinar or Prime Factors, and a replay of the first session in this series, EMV Basics, is found at the company’s website.
