By Jeff Connors
Chairman and CEO
July 6, 2015
There’s been a lot of buzz regarding the onset of EMV in the U.S. payments infrastructure. We’ve blogged about it several times recently in an effort to keep our merchants informed about chip-card technology—its benefits and what they will need to do to prepare. I just read a very interesting piece entitled “Credit Card Fraud Solution Coming to America…Finally” on Yahoo Finance. The piece, by Editor-at-Large Aaron Task, notes that the long list of retailers recently hacked—and the exposure of 90 million credit card accounts—has helped push the U.S. to chip-card technology.
He says, “The U.S. reliance on magnetic strips is a key reason why roughly 50% of credit card fraud happens in America even though only about 25% of all global credit card transactions occur here, The AP reports, citing Barclays.” He notes that widespread use of card-chip technology has been shown to reduce fraud by over 70% two years after adaptation.
And he goes on to point out that the cost of converting is a “bridge to mobile payments and mobile payments are a bridge to an even more secure system.”
To that, we’re in total agreement. Intrix embraces the move to chip-card technology as an added measure of security and protection for all of us in payments. If you’d like to learn more about how Intrix can help you prepare for the coming deadline, give us a call at (855)-546-8749.
You can read the entire article here.