...migrating from magnetic stripe to EMV-compliant integrated chip cards contribute strategically both to cardholder retention and to reduced counterfeit card costs, but the large number of new controls introduced is daunting
Eugene, OR (PRWEB) June 11, 2014
US payment card issuers face a complex challenge migrating from magnetic stripe credit and debit cards to EMV smart cards as part of the global drive to reduce counterfeit card fraud at the point of sale. Prime Factors offers a free webinar featuring Dave Tushie, on Tuesday, June 17, at 11 a.m. Central Time, who will discuss EMV implementation options that help card issuers tame this complexity and reduce EMV migration costs, risk, and effort.
Card brands including Visa®, MasterCard®, and others direct that card issuers should move to EMV no later than October of 2015, after which liability for counterfeit point of sale fraud shifts from issuers to merchants – so long as the issuers cardholders have been given EMV-compliant cards. The EMV standard introduces significant new functionality in the way that payment cards are authenticated at the point of sale, and how authorization decisions are performed. This functionality comes with increases in complexity in personalizing the controls loaded to the integrated chips of the smart cards required for EMV, and in online and off-line authorization controls that evaluate each transaction.
“Our payment card issuing customers tell us that migrating from magnetic stripe to EMV-compliant integrated chip cards contribute strategically both to cardholder retention and to reduced counterfeit card costs, but the large number of new controls introduced is daunting,” says Prime Factors CEO, Patrick Riley. “We’re pleased to offer this free educational session that can help them find the best course to manage the complexity and move forward on their EMV migration plans briskly.”
Dave Tushie, a recognized authority on the EMV payment card standards and voting member of several EMV-related standards committees, offers suggestions for seeing through the complexity to effective strategies that balance effort, customer-experience, and authorization outcomes. He will share perspectives and practical experience from his participation in defining the original EMV specifications and as co-founder of UbiQ, an early software development firm focused on the use of smart cards for electronic payments. Tushie currently provides Product Management oversight for Prime Factors’ Bank Card Security System (BCSS) product line.
This is the third in Prime Factors’ EMV Migration webinar series, with the next session, EMV Advanced: Cryptographic Key Management scheduled on July 15. The two prior sessions in this series, EMV Basics and EMV Online Transaction Lifecycle, provide useful background and are available for replay on demand. Additional sessions will be announced later in the year.
More information about the webinar or Prime Factors, and a replay of the first two sessions in this series are available at the company’s website.