EMV Compliance Reduce Credit Card Fraud

EMV Compliance Reduce Credit Card Fraud

Did you know? Card skimming stealing consumers’ payment data costs card issuers approximately $3 million every single day! This stolen data is used to make fraudulent purchases and create counterfeit cards that can be used at unsecured payment terminals. Card issuers have drawn a line, and as of April 17, 2021, fuel retailers who are not using card readers that meet EMV compliance standards will assume the financial burden of fraudulent charges. That’s almost $400 million every year, just in the retail fuel market alone!

Not only will these fuel retailers be responsible for fraudulent charges made, but they are also likely to find themselves with a target on their backs. Criminals will pinpoint which gas stations and convenience stores are not up to date with EMV compliance, making them the easy targets to install skimmers and use counterfeit cards. Once savvy consumers become aware of this weakness, they may choose to take their business elsewhere, resulting in further loss. EMV compliance is not optional – your business needs this if it is going to survive.

How Will EMV Compliance Help?

The retail fuel industry is lagging in the adoption of EMV payments, making it low hanging fruit for organized crime. However, for other retailers, making the switch from mag-stripe card readers to EMV chip ones has significantly impacted reducing fraud. In a recent study, Visa announced that since their introduction in 2011, EMV chip cards have helped reduce counterfeit fraud by an impressive 87%. EMV offers a more secure payment process as it uses a single-use code to verify the transaction. Even if the code is stolen, it becomes useless as soon as it is used.

Book Your EMV Compliance Upgrade

It is best to book your EMV compliance upgrade sooner rather than later. The deadline has previously been delayed to accommodate fuel retailers’ challenges and then again due to Coronavirus. However, it is unlikely that it will be delayed again, so April 17, 2021, should be assumed the final date. If you do not already have a plan in place, now is the time to get something booked. As the deadline approaches, demand for qualified technicians and lead times for equipment delivery is increasing. Contact PumpTex today to discuss your needs.

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PumpTex, Inc. was founded in 1997 in the back of a garage with the dream of bringing a new level of customer service to the retail petroleum service industry. Over the years, we have grown to become a valuable resource to our customers. Many consider us to be the first responders of the retail petroleum service industry!


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