The sophistication of magnetic stripe payment card counterfeiting in the US continues to increase, and counterfeit fraud volume continues to rise, increasing costs to card issuers and, consequently, cardholders.
(PRWEB) September 04, 2014
The payment card industry's shift date for point-of-sale fraud is only a year away, and many card issuers are still wrestling with the intricacies of EMV smart card compliance. Prime Factors, provider of the Bank Card Security System for managing data preparation of payment cards, seeks to demystify the complexity in its latest educational webinar, EMV Advanced: Cardholder Verification Methods. It is scheduled for Tuesday, September 9, 2014, at 11 AM Central, and registration is free.
EMV, an acronym for Europay, MasterCard, and Visa, is a global standard for the use of integrated chip, or "smart," cards for electronic payments. EMV-compliant smart cards have replaced the use of magnetic strip payment cards broadly outside the US, with dramatic reductions in point-of-sale counterfeit fraud as a result. The payment card brands named above, as well as American Express and Discover, will shift the liability for point-of-sale counterfeit fraud from card issuers to merchants in October, 2015, for those transactions where the card presented by the customer is EMV-compliant.
Many of the subtleties of EMV lie with the changes imposed for cardholder verification procedures, introducing many new controls that must be configured correctly, or risk increased authorization risk or poor customer experience at the point of sale. Dave Tushie, President of Magellan Consulting and recognized EMV payments expert, discusses the new controls for cardholder verification, with particular focus on:
- The range of choices in cardholder verification methods
- Differences between on-line and off-line PIN verification
- The importance of PIN synchronization
"The sophistication of magnetic stripe payment card counterfeiting in the US continues to increase, and counterfeit fraud volume continues to rise, increasing costs to card issuers and, consequently, cardholders," says Prime Factors Vice President, Jeff Cherrington. "Migration to EMV-compliant integrated chip payment cards will reduce those costs, and we are pleased to offer these educational webinars, featuring such an authoritative figure as Dave Tushie, to help card issuers in their migration efforts."
Prior webinars in the series, including:
- EMV Basics
- EMV Advanced: Online Transaction Lifecycle
- EMV Advanced: Implementation Options
- EMV Advanced: Cryptographic Key Management
...are available for on-demand replay.
For more information about Prime Factors, please see http://www.primefactors.com. For more information about the company's Bank Card Security System and its EMV-compliant payment card data preparation and personalization, please see http://www.primefactors.com/bcss.