EMV

By the end of last year, the number of EMV chip cards in global circulation had increased by 1.3 billion from 2015 to a total of 6.1 billion, according to EMV standards body EMVCo.

As U.S. counterfeit card fraud declines with the advance of EMV, researchers say fraudsters seeking richer ground are reviving a familiar card scam based on creating fake credentials, known for many years as synthetic identity fraud.

Upgrading a mobile point of sale device developed in the magstripe era to EMV could be a hassle for the merchant and the vendor alike. Or it could be as simple as replacing the battery.

Verifone and Global Payments are the latest payments industry providers to try speeding up the EMV checkout process, with each company agreeing to adopt Mastercard’s M/Chip Fast technology.

The U.S. shift to EMV technology has dramatically reduced levels of counterfeit card fraud, but merchants and the card networks are divided on whether it caused the expected shift of fraud to digital channels.

One of the post-EMV migration complaints is the speed of the transactions. Consumers dip their cards into payment terminals and let them sit there for an amount of time that may vary from store to story, but always feels longer than the old school swipe.

The shift in payments at hospitality businesses such as restaurants is hard enough, but it's made even more challenging by the pace and breadth of the changes.

Small businesses have not embraced chip cards as quickly as big chains, and there are some adjustments technology companies should make, writes ShopKeep CEO Michael DeSimone.

On Track Innovations will provide mobile EMV payment acceptance for the large cage-type vending machines that Outdoor Vending Solutions uses to sell bulk items at various sites within state parks in Texas.

EMV is strictly an anti-counterfeiting measure that leaves several elements of the payment process untouched, and fraudsters are exploiting these gaps.