A Tiny Chip With So Much Potential

 

EMV image

For many years, European countries have used a technology that the U.S. has only just begun to consider. This technology is called EMV for its initial card backers: Europay, MasterCard and Visa, and these cards contain a chip that can be used to identify their authentic user. This chip is paired alongside a PIN number the customer punches in before each transaction or a signature. This extra security measure will likely be adopted by many companies in the near future, especially after the recent Target stolen identity incident. According to Discover Financial Services, the EU has completely migrated to the new technology of EMV, and the region has seen an 80% reduction in credit card fraud while the U.S. has witnessed a 47% increase.

Credit card fraud is a real problem, and counterfeit cards can be eliminated with additional security precautions.  The U.S. has had a strong online infrastructure for years and saw no reason to adopt EMV technology. In contrast, EMV cards are the standard in Europe.

Retailers, especially smaller corporations, may have to worry about fraud more than larger corporations. This is because if fraud occurs, smaller businesses will have a harder time staying afloat. Companies that produce products like VeriFone handheld credit card scanners, know that now is the time to switch.

VeriFone has implemented this technology into a few of their products, one of which, the VeriFone VX570, we sell at Beagle Hardware.

vx570

The VeriFone VX570 Credit Card Machine works globally, so it is compatible with cards containing EMV technology. These capable printers come with a 1-year warranty, have dial-up and Ethernet interfaces, and are equipped with a thermal printer and a triple-track card reader that lets you process any magnetic-stripe cards. Their use of EMV technology allows these printers to be a great first step towards nationwide EMV implementation.