2015 will likely bring many changes and developments in the payments and risk industries, but none more anticipated than the EMV liability shift taking place on October 15. As issuing banks prepare to replace magnetic-stripe cards with EMV Chip cards, many merchants will upgrade their POS equipment and prepare for the expected increase in online fraud attempts. While U.S. adoption of EMV has already started there will be significant growth this year, and it is expected that fraudsters and hackers will respond accordingly.
Merchants and issuing banks aren’t the only ones making preparations for the increased adoption of EMV and the liability shift date. There is little doubt that EMV cards and card readers will curb counterfeit card fraud at the physical point-of-sale, but fraud flows with the force of water and when one hole is plugged new leaks pop-up or existing ones grow larger. There are many considerations and preparations organizations should be thinking about in anticipation of this, and here we discuss a few trends that are expected to prevail in the payments and risk industries as EMV grows.