Petrogram - Spring 2016 - (Page 10)
THE COUNTDOWN TO
EMV AT THE PUMP IN 2017
By David Jones
n a transition that has spanned several years, U.S. convenience and fuel
retailing will be required to enact
new rules by October 2017 aimed
at strengthening fraud protection
and shifting the liability at the gas
pumps through the introduction of EMV.
While other countries have seen huge
payoffs using a pin instead of magnetic
strips to make it nearly impossible to
counterfeit, U.S. banks will not use pins
with EMV, which has some concerned. If
the changes aren't made at the pump, it
shifts liability to retailers.
"It takes what could be an expensive
'home run' on reducing fraud to being
an expensive 'base hit'," said Gray Taylor,
executive director of Conexxus, a nonprofit, member-driven technology organization dedicated to the development
and implementation of standards, technologies innovation and advocacy for the
convenience store and petroleum market.
"My estimate is fully $1 billion of annual
fraud will remain in the system because a
View past issues of Petrogram online at www.fpma.org
pin was omitted. It is a hard-learned fact
that pin-authenticated transactions are
400 percent more secure - that is why
the banks require them when it is their
money at an ATM!"
A major question being debated among
store owners, many of whom are still trying
to figure out the details of the new system:
Is it worth it?
"The impact of these fraud chargebacks is liable to increase over the coming years for retailers that delay their EMV
upgrades, as fraudsters shift their focus
Table of Contents for the Digital Edition of Petrogram - Spring 2016
Legislative Days 2016: Recap and Photos
Making the Switch: The Countdown to EMV at the Pump in 2017
Legislation Seeks to Combat Skimming & Fraud
Using an Acquisition Rating Matrix to Save Time and Arguments
Top Tips to Lead and Empower Employees
Calendar of Events
Index of Advertisers/Advertiser.com
Petrogram - Spring 2016
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