P2PE technology with a secure micro- chip embedded in the card and a PIN code much like ATM cards. In fact, Chip and PIN is so secure that 67 percent of all credit card fraud in the United Kingdom comes from transactions that take place in America, where the PIN can’t be verified. Recently, all major U.S. credit card issuers announced that “Fraud Liability Shift” will be effective as of Oct. 1, 2015. According to the card issuers: “Te party that has made investment in the most secure EMV options is protected from financial liability for card-present fraud losses for both counterfeit and lost, stolen and non-receipt fraud on this date.” In other words, switch to EMV by Oct. 1, 2015 or you, as a merchant, could be held liable for credit card fraud at your facility, even if the fraud itself was out of your hands (i.e., a stolen card was used at your POS). Although EMV credit cards are not yet
widely used in the United States, EMV card readers are now available for instal- lation. Ask your POS provider or credit card processor about upgrading your pro- cessing technology to this new standard.
GETTING AHEAD OF THE CURVE
Preventing credit card fraud is a respon- sibility shared by all: card issuers, consumers, merchants, POS providers and card processors. Make sure you are doing everything you can to protect your- self and your customers. 1. Review: Take a close look at how you handle credit card data. Is your POS certified on PA-DSS v2.0? Are your computers running Windows XP? Do you have filing cabinets filled with registration forms that contain credit card data? Are your card readers encrypted?
2. Improve: Upgrade to the latest version of your POS software. Shred those old registration forms and implement secure digital card storage. Invest in point-to-point encryption.
3. Prepare: Have a plan for moving to EMV technology in time for the Oct. 1 deadline. Communicate with your POS provider and your credit card processor frequently and make sure you’re keeping up with the ever-changing credit card processing landscape.
CREDIT CARD COMPLIANCY CHECKLIST
Use a Validated Payment Application Point of Sale system.
Shred old paper registration forms that still have credit card numbers written on them.
Don’t save credit card numbers in Excel or MS Word files.
Upgrade Windows XP to Windows 7. Don’t write credit card numbers down, ever!
Invest in credit card “tokenization” (secure storage) for recurring billing needs.
Christopher Boudin works in training and support for Frontline Solutions, a leading provider of integrated point-of-sale, scheduling and ticketing software.
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