Verifone EMV Articles March 2016

Verifone EMV Articles March 2016

The Future of Digital Identity Is Up to Banks | By: Bryan Yurcan from American Banker
The available technologies in the marketplace continue to become more and more sophisticated. Consumers are perpetually asked to authenticate their identities in the digital world when making an online purchase, logging into their mobile banking app, or simply checking an email through a browser. Wouldn’t it be great if you could centrally manage your digital identity on all platforms? Now the question begs, who should manage said identity profiles?  The consumers themselves or the bank, a regulated institution.

Digital NFC Payment Rising | By: Angel Abcede from CSP
Is your contactless switched on? Worldwide digital sales volume is expected to reach $3.66 trillion in 2016, up 20% from last year. If you want a piece of this pie, you need to ensure that your payment terminals in your brick-and-mortar locations are accepting NFC based payments. Due to its convenience factor, consumers are more inclined to pay with “tap” or their mobile wallet.

Connected Commerce: Pause or Play? | By: June Felix from Verifone
It took thousands of years for commerce to emerge from a friction-filled world of barter and currencies of whale teeth, crops, and coins. But even across the vast electronic payment system of today, our deep human need to connect remains the same. As a global leader, Verifone has for decades led change on this grand cultural stage. By challenging the status quo, solving problems, and mining for momentum with merchants and partners, we’ve forged a path to the era of Connected Commerce.
Wireless Payments May Be The Future, But ‘Chip And PIN’ Is Ready Now | By: Steve Pociask from Forbes
Credit card fraud persists in the U.S. – in 2014, 47% of the world’s credit card fraud was associated to the U.S, while only accounting for 24% of worldwide credit card expenditure. EMV has been proven to significantly reduce fraud, as witnessed in countries that have fully adopted this technology. This article highlights the significant benefits of Chip-and-PIN which ultimately protects you against credit card fraud.

Why Do Merchants Want Shoppers to Swipe EMV Cards? | By: Autumn Cafiero Giusti from PaymentSource
Six months after the liability shift, where are we now? Most of the merchants have the new EMV-enabled hardware in-store ready to go, however merchants are still asking consumers to swipe their card. So what’s the hold up? The credit card industry has several key players affecting this timeline – acquirers, issuers, hardware and service providers. These independent parties need to synergistically work together to achieve EMV certification.

Semi-Integrated POS Products Could Reduce EMV Certification Costs and Save Time | By: Kevin Woodward of Digital Transaction
EMV certifications can be long and tedious; introduction of new hardware and software components to the payment environment will require an updated EMV certification. Implementing a semi-integrated POS brings a lot of benefits to the table, a few worth mentioning include shortened certification process and reduction of merchant’s PCI-DSS compliance reporting requirements.

Standardizing Encryption Key Loading For Payment Devices Requires Industry Collaboration | By: Rob McMillon of Verifone
The world is inevitably becoming more and more connected, Verifone and GEOBRIDGE are working together to instill an industry-wide standardization  of encryption key uploading to reduce complexity of payments and enable security best practices for merchants. Encryption keys are integral to the secure  operation of payment entry devices (PED).

7 Must-Have Data Security Measures | By: CSP Daily News
It is no secret that a “multilayered” data security approach is essential in reducing risk for a merchant’s payment environment. As technology advances, hackers are also becoming more sophisticated – retailers must revisit their current protocols to competently protect their customer’s data. EMV, end-to-end encryption, and tokenization are just some of the security strategies available for high level of protection. Find out the other security strategies listed in this article.

Verifone on Getting The Consumer To Not ‘Check Out’ At Checkout | By:
In the last year, we’ve witnessed the evolution and progression of electronic payments. New disruptors have come into play and consumers are not hesitant of adapting these new technologies. The checkout experience has immensely evolved, whether it be “pay-at-the-table” or tapping your mobile wallet without presenting your physical card at a retail store. Verifone continues to work with its partners to leverage commerce enablement for merchants – ultimately improving the consumer checkout experience.

Why You’re Still Swiping Your Credit Card | By: Jen Miller of
A recent survey conducted by The Strawhecker Group estimates that only 37% of U.S. merchants are chip-enabled in February 2016. The liability shift in October 2015 really marked the starting line of the journey and not the finish. Payment expert Bastian Knoppers from FIS Global mentioned that full EMV migration can take anywhere between three to seven years, given the historical data of past countries who have made the switch.

Patton Technology Solves ROI Challenge of EMV Compliance for U.S. Fuel Retailers | By: Patton Electronics Co.
As the fuel marketers sketch out their plan for 2017 EMV migration for their Automated Fuel Dispensers (AFDs), Patton Electronics has come up with a solution for fuel merchants to minimize their capital expenses. For most gasoline vendors, they are tasked to install new cabling to deliver the appropriate connectivity from their CRIND to their c-store or back office. This new solution is mess free, offers no delay and ultimately no disrupted business operations.

Retailers Experiment With Surveillance Tools Used by Police | By: Katrikay Mehrotra of Bloomberg Businessweek
New technology enhancements are imminent and coming to retail stores near you! A few of these technologies were showcased at the NRF’s Big Show and the International Consumer Electronics Show this past January.  Imagine walking up to a store, greeted by a mannequin through facial recognition, and advised which articles of clothing would match your latest purchase from that retailer. Do you see these technologies being implemented in your retail stores?

With Its EMV Conversion Nearly Complete, Canada’s POS Debit Fraud Falls to New Low | By: Jim Daly of Digital Transactions
Since Interac began it’s chip-and-PIN conversion in 2008, the association has witnessed a significant decrease in fraud transactions. For the sixth year in a row, Canada’s Interac Association PIN-based debit card network has reported a record low of fraud losses at $11.8 million in 2015 compared to $142.3 million in 2009. Of the recent numbers, 89% or $9.8 million fraudulent transactions occured outside of Canada.

MasterCard Wants You To Pay For Stuff With Selfies | By: Dominique Mosbergen of Huffington Post
MasterCard has  introduced “selfie pay” at the Mobile World Congress show in Barcelona last week. To utilize this feature, consumers will have to download MasterCard’s app on their device. When making a purchase, consumers need to blink to authenticate the sale. The app has built in algorithms to authenticate the user’s face and flag situations when someone attempts to use a video or a photo.  Will “selfie pay” be the future’s payment security measure?