Technology & Data
Social Change Agent Survey: Passion, Skill Set, and Persistence Lead to Career GrowthSandy Carter's 6 Social Business Lessons to Learn from Candy Crush5 Tips for Creating a Company Culture that Connects with Your Sweet Spot ClientsWhy Leadership Should Be a Collaborative Exercise
8 Internet User Statistics Every Small Business Should Know AboutCan't Find Time for Social Media? This Approach Will Help6 Ways to Turn Your Small Business into a Media Hub
- Social Organization
Beyond Engagement: Why Advocacy Is Always About the PeopleFormer IBM Senior Advisors Launch Brands Rising to Build Employee Advocacy ProgramsPerformance and Risk Management Through Social Media TrainingEmployee Advocacy Summit: Advocate Stories from the Field
- Customer Service
Join us September 15th in Atlanta for The Employee Advocacy Summit and learn how to unleash the power of your employees.
Post your event here and we'll share it with our community. If one of our members is featured, we'll promote as well on their profile.
- Marketplace & Webinars
The SMT Marketplace
Your resource for exclusive content and insights from Social Media Today, and opportunities to reach our community of professionals.
The Social Business Book Club brings you books, discussions, and insights from today's to business thought leaders.
Join interactive talks and and panel discussions with leading thinkers and practitioners on social media and networked business, or browse the catalogue of recorded sessions - all completely free.
Reach Social Media Today's community of marketing and communications professionals in an editor-approved context with a native advertising package.
Giant ATM Fraud Highlights Need to Accelerate EMV Standards in US
Posted on May 16th 2013
A few weeks ago, we chronicled the progression of EMV implementation in the US. In our post, we patted Richard Sanders on the back for predicting the chip-card development path in the US over 8 years before it has come to be a reality.
In our post, we mentioned that ATM’s must be ready to accept EMV cards by 2017, about two years behind the deadline for liability shift at merchant point-of-sale. Even though securing merchant POS has advantages tied to fraud reduction, the major card associations are being cautious to accelerate the rollout of Chip and PIN at merchant point-of-sale so as not to push fraud to ATM’s.
During Card Forum this year, Stephanie Ericksen, Head of Authentication Product Integration, VISA INC. shared “the company is not pushing to accelerate the rollout of Chip and PIN at the point-of-sale as we suspect that remaining fraud volumes will run full speed ahead for unprepared ATM machines.
Last week, a gang of cyber criminals perpetrated a $45 Million fraud by hacking their way into prepaid card systems at several banks and extracting their take via ATM machines in 26 countries. The US portion of the scam took place courtesy of ATM’s mostly in the Northeast, giving too much publicity to the ensuing spending spree and clearly illustrating the risk that needs to be addressed via the EMV standard.
I’m not sure to what extent the current implementation plan can be accelerated, but it certainly seems that global criminals are going to make the most of the remaining time window. Electronic theft can’t be entirely washed away by Zero liability policies on cards as commonly offered by the associations. There is a residual emotional and mental impact from these events and repeated instances could send consumers into a fresh wave of negativity, something we don’t need in the US economy today.
Do you think it might be time to put our mobile wallet application development aside in favor of speeding up the protection of our current system of payments?