EMV Facts

Question 1

Whats does EMV stand for?

Answer 1

Europay, MasterCard, Visa

Question 2

Describe the EMV cards?

Answer 2

New cards will have an embedded chip on the card that will improve security.

Question 3

Data on the card

Answer 3

ensures the card is authentic.

Question 4

New terminals are required

Answer 4

to read new EMV credit cards.

Question 5

Oct 15th, 2015

Answer 5

All fraud liability will shift to the point of sale device Liability for counterfeit fraud transactions shifts from financial institution to merchant if the merchant does not accept EMV transactions

Question 6

Total cost of fraud per year in the US

Answer 6

8.6 Billion

Question 7

Examples of retailers hit with fraud.

Answer 7

Target, Walmart, and Home Depot

Question 8

Percentage of stolen fraud will be eliminated with EMV deployment?

Answer 8

95%

Question 9

Percentage of counterfeit card fraud eliminated with EMV deployment

Answer 9

90%

Question 10

By the end of 2015 the US will transition

Answer 10

1.2 billion payment cards and 8 million terminals to EMV technology.

Question 11

Over _______ % of merchant location will become EMV capable in 2015.

Answer 11

50%

Question 12

Criminals will find the path of least resistance

Answer 12

by locating late adopters of EMV technology. As the population of non-EMV locations dwindles, the criminals are expected to concentrate on non-EMV locations.