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Businesses have stake in enhanced credit card security

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By Missy Galle, Operations officer, Los Alamos National Bank

Major credit card processors are imposing tougher security measures on credit card issuers in the industry’s ongoing efforts to combat credit card fraud.
These global standards — called EMV for Europay, MasterCard and Visa, the companies collaborating on the new system — include embedding computer chips into “smart” credit cards that offer greater security for point of sale (POS) transactions than the magnetic strips on traditional credit cards.
Many chip-embedded cards require a personal identification number (PIN) instead of a signature to complete the POS transaction and close the security loop; these “chip-and-PIN” cards are the norm around the world, though they’ve been slow to catch on in the United States.
One incentive for the changeover is the soaring cost of fraud. According to the payment industry’s Nilson Report, credit card fraud cost banks and merchants more than $5 billion in the U.S. alone in 2012. By contrast, credit card fraud in face-to-face sales has dropped dramatically in countries around the world that have adopted the new technology.
Deadline looms


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