Fraud liability is about to change – are you prepared? Merchants who aren't EMV ready may find themselves paying a portion of the estimated $32 billion in annual U.S. fraud loss1. Even more unnerving? According to the study, mobile payments are increasingly becoming a greater source of fraud. The new security measures EMV technology provides simply can't come fast enough.
Don't reach for the smelling salts just yet – with six months ahead of you, there's plenty of time to adopt EMV technology. We encourage you to take the following months learning and prepping for the impending liability shift. If you're still unclear on what the liability shift means to you, click over to a site provided by an authority in the credit card processing business, BECU's partner, First Data. At their site, you can browse a wealth of information detailing EMV readiness, its impact, and frequent questions asked by merchants like you.
Ready to evaluate your technology options? The EMV upgrade recommendation presents an opportunity to enjoy new technical features, such as customer tracking, shopping trends, mobile capability and more. Plus, many introductory prices and rates on new equipment are available through BECU. Click here to learn more about new technology, or, call Merchant Services directly at 888-265-1954.
BECU is in the process of sending out new EMV-enabled debit and credit cards to its members, beginning with new accounts, replacement cards and expired cards. Your customers are ready. Are you?