Central Bank of St. Louis
EMV Cards, also known as Chip Cards or Smart Cards, provide an additional layer of security with an embedded microchip.
The chip on the card generates a unique cryptogram for every single transaction that is virtually impossible to clone by counterfeiters. The chip also stores personalized security credentials that cannot be accessed without authorization. EMV fraud prevention is only effective when a card is
present and does not provide the same layer of protection online or when payments are made by phone.
The Shift of Fraud Liability
On October 1, 2015, the liability for fraud costs shifted to those merchants who do not have EMV-capable equipment. If a Chip Card is used at a traditional magnetic-strip only terminal to make a fraudulent purchase, the business or merchant will most likely be held for responsible for all of the costs
associated with the purchase.
What does this mean
for small businesses?
As larger companies migrate to the EMV-enabled terminals, smaller merchants who don’t make the point-of-sale move, will become an increased target to fraudsters with counterfeited cards. It’s important for your business to upgrade your current, traditional card reader to the
EMV-enabled terminal. This will allow your business to not only provide the extra layer of protection to your customers, but deter liability risk associated with fraud.
Updating your terminal usually will also include a reader for contactless payments, such as Apple Pay®* providing extra conveniences to your customers and increasing customer satisfaction.
If you feel as though somebody is trying to get in to your account or that you are a victim of fraud, please contact us immediately by phone at 866.777.7912 or
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