Source: National Cyber Security – Produced By Gregory Evans
The times they are a-changin.’ Although Bob Dylan’s famous folk song wasn’t about the way we’ll be using our credit cards in 2015, it certainly could have been. Because, as of Oct. 1, what happens when we slide our credit cards into a credit card processing machine changed. The initial change shouldn’t be a big deal for consumers. But for retailers, it’s huge. As of Oct. 1, liability and losses due to fraudulent credit card transactions shifted from the card issuer to the merchant. Prior to this, most of the liability lay with the credit card issuer, who was stuck with the bill if an identity thief stole your credit card and made fraudulent purchases. Now, if the consumer uses a “smart” (or EMV) credit card, that liability shifts to merchants, giving them a big incentive to make the transactions more secure. What’s an EMV card? EMV stands for Europay Mastercard and Visa, which are the three companies that developed the technology. These “smart” cards contain a microchip that generates a unique, one-time code that is needed for each transaction to be approved. A thief might be able to steal that number, but he won’t be able to use it again because these […]
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