Rising counterfeit card fraud is a key reason why U.S. card issuers, payment processors, and merchants, are making the switch to EMV. From 2007 to 2014, credit card fraud rates doubled to 10 basis points, which translates to 10 cents out of every $1000 transacted.
EMV not only provides an extra layer of security it is also presents a fraud liability shift for your small business. If you do not have an EMV-enabled terminal or POS equipment, you will most likely be held responsible for some or all of the costs associated with any fraudulent
Adds an Additional Layer of Security to Prevent Fraud
The embedded microchip is virtually impossible to duplicate or counterfeit so criminals find EMV cards less attractive to steal and clone.
Reduces Fraud Costs to Card Issuers, Payment Processers, and Merchants
EMV helps protect merchants from the liability associated with card-present fraud. Businesses that do not have EMV-capable equipment will be responsible for the chargeback in the case of a counterfeit purchase.
Helps Merchants Accept New Payment Technologies
EMV terminals usually include readers for contactless payments, such as mobile payments made via apps (e.g. Apple Pay®*). This can help merchants keep pace with consumers’ shifting payment preferences and demands for new payment technologies.
Creates a Common Cardholder Experience
With more and more U.S. citizens using chip cards and merchants accepting chip cards, U.S. and international travelers will now have a common cardholder experience. International visitors will appreciate the additional security when making purchases in the U.S., and U.S. travelers
will find it easier to make purchases when traveling abroad.
Contact a business banking representative at 573.634.1111 or stop by any
location to learn more.
Not sure which solution is right for your business? Take a few minutes to run through Business Analyzer today. We’ll ask a few simple questions about your business and provide recommendations just for you.
This icon indicates a link to third-party content. By clicking on the link, you will leave our website and enter a site not owned by the bank. The site you will enter may be less secure and may have a privacy statement that differs from the bank. The products and services offered on this third-party website are not provided or guaranteed by the bank.
Equal Housing Lender. Member FDIC.
If you want to buy or refinance your home, start with our Mortgage Center.
Discover a range of valuable financial topics in our Learning Center.
Can you afford that home? Or pay off that debt? Try one of our Financial Calculators.
Pay off debt or purchase that new vehicle with our flexible financing options.
Our credit cards are a tool that can help you manage your finances with awesome rewards!
Have a question? Check out our most frequently asked Online Banking questions.
If you have a complaint, question, or a compliment, we'd love to hear from you.
Send a message to customer support through our secure email channel.
Call us 24 hours a day, 7 days a week as soon as you realize your card is lost or stolen.
Questions? Email Central Bank's customer service team.