Credit card security is constantly evolving and for good reason as hacker and cybercriminals are always looking for ways to steal financial information. The newest security feature is the introduction of chip cards. These are a dramatic improvement over the magnetic strip which contains unchanging data. If a thief copies a magnetic strip, they can easily copy that data. This makes magnetic strips prime targets for thieves and counterfeiters.
How do chip cards work?
Chip cards take the security a few steps further. Chip cards are manufactured with a small integrated chip that has your card information stored on it. When an EMV card (which stands for Eurocard, Mastercard, and Visa) is used to make a purchase, the card ship and the POS system create a unique transaction code that cannot be used again. If a hacker steals information from this transaction, they would be stealing an unusable code that would result in a fraudulent transaction. Using a card chip does take longer to process, which requires patience on both parts of the processor and the customer, but the benefits are increased safety and a smaller chance of your financial information being stolen.
How easy is it to add this feature to our POS?
If you are worried about how your business can upgrade to a chip card enabled terminal, SyncCommerce has you covered. We offer a number of cost-effective terminals that fit your current POS system and budget. Terminals are available in wired or wireless versions and can even be upgraded to accept near field communication (NFC) technology for contactless payments.
Upgrading to a chip reader will be a requirement as more and more cards are issued without a magnetic stripe and peace of mind knowing you have the latest and safest technology should be worth the money spent to upgrade.
Credit card security is important, not just to protect your customers, but to the card industry who ultimately has to pay for losses. The payments industry lost nearly $17 billion worldwide as a result of identity theft and related crimes.
This means EMV cards are the next step in security and as hackers and cybercriminals figure out the latest security measure, more will follow. EMV cards are simple to use and will make all card-present transactions airtight and secure.
SyncCommerce has helped dozens of businesses just like yours make the transition to chip technology, and we can help yours as well. Call us today for a free consultation and our experts can assess your current payment modes and give you options about how you can make the transition to using these new security features.