Have you had your credit or debit card blocked and replaced in the past year? Did the bank tell you that someone was trying to swipe that card in a faraway state or country, even though you never lost track of the card and still have it in your wallet? Identity thieves can obtain the data from the magnetic strip on the back of your card, make their own magnetic strip, and stick it to the back of their own card. Now the name on the card matches their own, but the name and account information from the magnetic strip on the back of that card is yours! This is the type of card-present fraud that EMV processing seeks to eliminate.
Here's Why We Care:
If that data thief comes into your dealership with that fraudulent card and uses it successfully, they will drive away in one of your vehicles. The victim of the identity theft, naturally, will not want to pay for the thief's car and will dispute the transaction. Their money will be returned to them. But who pays for that? It depends. So here's why we REALLY care about EMV...
Who Is Responsible For Returning The Victim's Money?
If that card has a smart chip on it and you insert it into an EMV-capable terminal, the magnetic strip has nothing to do with the transaction and the stolen account information will never be used in the first place.
If that card has a smart chip on it, but you swipe the card through a non-EMV terminal anyway, the liability for the fraud lies on you, the merchant. For a car dealer this can be quite a disaster, because the vehicle at this point is probably a loss as well
There are more liability scenarios, but that last one is the “worst-case” and we'd like to help you prevent it. There are a few best practices you can use to avoid taking fraudulent credit cards, but EMV processing takes the guesswork and human error out of the equation.
OpenEdge Offers EMV Processing in Frazer!
If you are interested in switching to EMV processing with OpenEdge, the button below will take you to their website where you will find information about how to purchase the EMV-capable device you'll need and more about how to “Get Started”.