EMV™, Chip Embedded Credit Cards
How does it work? Smart cards are embedded with a chip that is encrypted with data. EMV-enabled devices have the ability to read data stored on a chip within a card. During the transaction authorization process, strong cryptographic functions are used to validate the authenticity of the card and cardholder.
Best of all, when a customer pays using an EMV-enabled device, the device is instantly identified as an authentic, approved payment instrument through a process called dynamic authentication. When used with a PIN, the chip proves that the customer is paying with his or her own card.
By using chips as an active part of the payment transaction, EMV cards and devices help prevent credit card fraud from stolen account numbers and cloned payment cards.
What is EMV?
EMV, an acronym of Europay International, MasterCard and Visa, joined in 1994 to provide a worldwide standard for the interaction between chip-based “smart cards” and approved payment devices. It is a security framework that defines the payment interaction at the physical, electrical, data and application levels between the chip cards and the payment device. Also known as “chip and PIN” in the UK, it’s the name for the technology that enables payments using a smart card with a chip inside of it.
PCI DSS Compliance Requirement
The payment brands (American Express, Discover Financial Services, JCB International, MasterCard Worldwide and Visa Inc.) have mandated that all merchants who store, transmit or process cardholder information must maintain compliance with the PCI DSS. We, as your service provider, take the protection of customer and payment account data very seriously. We understand the risks and financial costs that a compromise can pose to your business. In support of this important mandate, we will begin requiring all of our merchants to validate their PCI DSS compliance status with us. However, we want to make the process as convenient as possible for you.
Our Compliance Assistance Service Program
Liberty Merchant Service, Inc. has established a relationship with SecurityMetrics, a leading provider of PCI audit and scan services. They are certified by the PCI Security Council as a Qualified Security Assessor (QSA) and Approved Scanning Vendor (ASV). Enrolling with SecurityMetrics will provide you with access to trained professionals to help your business comply with the PCI DSS. They will work with you to conduct an analysis of your account, assist with any necessary remediation efforts and help you certify your compliance. The service will guide you through the completion of your PCI DSS Self-Assessment Questionnaire (SAQ) and includes (if applicable) the required quarterly scans of your processing systems. To learn more about SecurityMetrics and to initiate an analysis of your account, please choose from one of the following enrollment options:
· Online: https://www.securitymetrics.com/pcidss/liberty_merchant_service
· Phone: call Security Metrics toll-free at (800) 557-4684
Notes: Once your account is certified, SecurityMetrics will complete the validation process for you by notifying us of your compliance.
While participation in the PCI Compliance Service Assistance Program helps to mitigate the risk of a security breach or data compromise, participation does not guarantee or prevent a security breach or compromise.
Be aware that other merchant service companies will be using this information as a marketing strategy so always check with Liberty to validate any claims being made by competitors!
What does this mean for me as a merchant?
By October 2015, processors will be required to support merchant acceptance of EMV chip transactions. After that, fraud liability shift will begin to transfer to the merchant who does have the capability to process an EMV transaction. Merchants should update their equipment to devices that are enabled to process these transactions and Liberty is here to help! We are offering to upgrade our merchants terminal to the First Data 55 or Verifone VX510 terminal at $0 cost. When industry available, a separate PIN reader device will required to run EMV cards and will be offered at wholesale cost (to be determined).
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