Cyber Security and EMV
In addition to things like PCI compliance, EMV, and other security functions that Tire Dealer Processing offers, our website is protected by a multi-level defense. Our SSL uses SHA-2 and 2048-bit encryption to protect all sensitive data transmitting from the browser to the web server. It’s the strongest encryption on the market today and it is virtually uncrackable. Additionally, our website and code are protected by McAfee SECURE. Every McAfee SECURE certified site is tested and certified to be free of malware, viruses, phishing attacks, and other things that can harm you and your computer. Also, our data is protected by a monitored firewall to block attempts to access the web server, code, internal workings, or data contained in our database. Further, any data submitted during the application process is not stored on our site, our hosting database, or any internal location. Once submitted, the data is sent to an offline storage databank where it is process and then destroyed. What does this mean? It means that our encryption is twice as strong as the encryption protection used by many banks. It means that we are serious about protecting our customers. It means that your information and your transactions are safe and secure.
Europay, MasterCard, Visa, or in other words, EMV, is currently the most secure way to run transactions from a plastic credit card or debit card. EMV uses a computer chip on your card to authenticate the transaction. On October 1st, 2015, a liability shift happened in concurrence with chip card technology. Before this switch, banks across the country printed hundreds of millions of chip cards and sent them to their customers. Many countries around the world adopted EMV long before the United States, and as a result, the US was playing a bit of catchup. This step to make card transactions more secure was important because the US, though only processing 25% of the world’s transactions, incurs 50% of the fraud.
With traditional magnetic stripe debit/credit cards, every time you swipe your card the same number is used to access and move money, but with the chip every time you purchase something, a secret one time only transaction code is created, enabling the chip card and the EMV card reader to speak to each other. In the past, your card number could be copied by someone looking to fraud you. If they stole your card information, they could use it many times because the number never changes. But with EMV the number is never the same, making it drastically more difficult to hack your credit/debit card information.
There is not a magical portal to peer into and see who is going to claim EMV fraud against you. If you cannot accept EMV, anyone with a chip enabled card that runs a transaction with you will be able to dispute and automatically win the claim. We would never tell you how to run your business. The decision to upgrade to EMV capable technology is entirely up to you. We will help educate you in whatever way we can but forcing EMV or monetarily penalizing you for not accepting it is something we will never do. When it comes to the decision to accept the chip card, there are a lot of factors to consider. Do you know all your customers? If you were a doctor or dentist who knows who they work with and have a relationship with their clients, then you might decide you have a lower risk to receive EMV related chargebacks, than say a retail store that doesn’t know their customers on a personal level. But as a tire dealer, it is not reasonable to think that you have a personal relationship with all of your customers. Therefore, EMV protection is important to you and protecting your business. In fact, most of your customers have become accustomed to using their chip cards and see the chip as a level of protection for them and their personal information. Because of this, they appreciate your use of chip technology.
Most cards with chips are EMV-compliant, but it is not 100%. If you are concerned whether your credit/debit cards are compliant, we suggest contacting the issuing bank and inquiring with them.
Nope. There is no law in the United States that requires businesses to be EMV compliant according to the liability shift. The decision is yours as the owner of your business. We are here to support your business in whatever decision you make. We are always in your corner. The change is purely on who is liable for EMV related chargebacks, which can 100% be the business that accepted the payment. Our experience is that most tire dealers have now switched to EMV Chip readers, and the one who haven't are usually resistant due to the cost of the chip terminals. Our tire dealer customer are provided new chip terminals free of charge and so the cost is not a factor for our customers.
It takes longer for EMV transactions to run because of the additional security. As the computer chips are working to create the unique codes and tokens to add security to the transactions, a few extra seconds transpire. The added time will probably lead to an increase in NFC payments like Apple Pay or Samsung Pay. This is because, like EMV chip cards, NFC payments also create unique tokens and codes keeping the information supremely secure.
You might have noticed that the first word of EMV is Europay. That might lead you to realize this technology was not created in the United States. EMV has been the standard payment type for most major markets, with the exception of the U.S., for decades. If you’ve ever travelled to Canada or Europe you will realize they can accept the magnetic swipe, but everyone is dipping cards.
Since EMV is only a few years old in the U.S. we cannot look at it as a factor. But when we look into Europe, who has been using the technology for a long time, we see great results. Nearly 90% of credit card terminals in Europe are chip enabled. In the United Kingdom alone there has been an almost 70% decrease in fraudulent credit card transactions, according to Barclays. Our neighbors to the north in Canada have seen a drop in counterfeit, lost, and stolen cards from $245 million in 2008 to $112 million in 2013.
In order to accept chip cards for your business, you will need a terminal or reader that accepts chip enabled credit/debit cards. These readers usually accept NFC (Apple Pay, Samsung Pay) as well as the magnetic stripe reader. Tire Dealer Processing offers a vast array of terminals to fit all your needs. Let us know if you want to chat about upgrading or processing cards in general.
No. They are different but offer a lot of the same features. They are more secure, and they both use unique codes or tokens to secure the payments. EMV and NFC are entirely different types of technology. NFC stands for “near field communication” and allows devices smart phones, watches, other wearable tech to communicate with an NFC reader when they are close by each other. EMV is a physical chip that communicates to the reader it is physically connected to. NFC is wireless, cardless, and can be very secure. EMV is not wireless, is inside a card, and is very secure.