EMV: What Does It Mean For Me ?
The good news is the sky is not falling as some would have you believe. The biggest risk is not from being on the wrong side of the liability shift when the October 2015 deadline comes; rather it is from data being stolen directly from you point of sale system. Being able to accept chip cards is important, but EMV only protects a restaurant from fraud related to someone using a counterfeit card for an in-store transaction. It does not protect the restaurant from data security-related breaches. According to the 2014 Trustwave Global Security Report, 18% of electronic payment system attacks in 2014 targeted food and beverage establishments.
There is a huge backlog from credit card providers transitioning to, and shipping out, chip-embedded cards. Then it will take time – some estimate as many as seven to 10 years – for chip-based cards to become fully integrated into the marketplace.
In the meantime, as NCR Connected Payments for Hospitality gets closer to market ready in the coming months, we will post updates to our web page as well and other means of communication to get the word out to our valued customers. Continue to check back often or feel free to contact your BECPOS sales representative for alternative options.