Posts Tagged: "EMV"

Mastercard holds largest patent portfolio in EMV payment space

EMV utilizes a computer chip implanted into a card to interact with a card reader at the point-of-sale in retail establishments. The technology is much more secure than typical magnetic stripes as the chip encrypts financial payment data multiple times which communicating with a terminal. Financial services providers all over the world will be replacing magnetic stripe cards with EMV cards to prevent cyber attacks at terminals to stem the growing tide of cyber attacks which had been greatly hurting banks. Following up our recent EMV coverage we took a look at EMV related patents, finding that Mastercard has a dominant position in this field with 25 patents, almost a quarter of all patents related to EMV payments issued by the U.S. Patent and Trademark Office. Following up behind Mastercard is Japan-based SMK Corporation and Intellectual Ventures Management of Bellevue, WA.

Steve Brachmann

November 24, 2015

In the face of growing e-commerce fraud, many merchants not prepared for holidays

As card-present transactions become less susceptible to fraud because of the shift to EMV chip card technologies, it’s expected that more fraud will shift to online platforms where it’s still relatively easy to input fraudulent financial information without being noticed; some reports indicate that online retail fraud in the U.S. alone is expected to rise by 106 percent in three years after October’s EMV liability shift from banks to business owners. One way that businesses conducting sales online can get themselves ready to respond quickly to fraud is through effective planning prior to major sales events like Black Friday or, perhaps more important when thinking about e-commerce, Cyber Monday. If those workers handling fulfillment of online orders are more aware of expected sales projections, it will help them be more aware of clues that the business might be a target for fraud if actual sales figures differ wildly.

Steve Brachmann

November 22, 2015

Businesses must switch to EMV card readers to avoid shift in fraud liability

By the end of 2015, about 40% of all credit and debit card transactions will use EMV cards. To process payments on EMV cards, businesses must upgrade to new card processing or point-of-sale technologies.

Steve Brachmann

October 29, 2015