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FBI |

FBI Issues PSA on EMV Cards

By October 2015, many U.S. banks will have replaced hundreds of millions of traditional credit and debit cards, which rely on data stored on magnetic strips, with new payment cards containing a microchip known as an EMV chip. While EMV cards offer enhanced security, the FBI is warning law enforcement, merchants, and the general public that no one technology eliminates fraud and cybercriminals will continue to look for opportunities to steal payment information. TECHNICAL DETAILS What is an EMV credit card? EMV Chip The small gold chip found in many credit cards is most often referred to as an EMV chip. Cards containing this chip are known as EMV cards, as well as “chip-and-signature,” “chip-and-pin,” or “smart” cards. The name “EMV” refers to the three originators of chip-enabled cards: Europay, MasterCard, and Visa. EMV chips are now the global standard for credit card security. With traditional credit cards, the magnetic strip on the back of the card contains static personal information about the cardholder. This information is used to authenticate the card at the point of sale (PoS) terminal, before the purchase is authorized. When a consumer uses an EMV card at a chip PoS terminal, that transaction is protected
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Electronic Payments Coalition |

U.S. House Small Business Committee: Small Business Owners Start Adopting New EMV Payment Card Technology

Today, the U.S. House Small Business Committee will hold a hearing entitled “The EMV Deadline and What it Means for Small Businesses,” which will discuss the adoption of EMV technology by U.S. small business owners. EMV microchips use a unique one-time code to authenticate debit and credit card transactions, making it nearly impossible for encrypted data to be used to conduct counterfeit fraud. “With nearly 60 percent of U.S. consumers claiming to have at least one chip-enabled card in their wallet, the United States is already the largest chip card market in the world.  Chip-enabled devices are already in use at more than 300,000 merchant locations, representing a 547 percent year-over-year increase. In fact, small businesses accounted for about half of chip payment volume last month. “Last week, the Payment Security Task Force’s eight financial institutions said in a statement that 30 percent of their customers’ credit and debit cards were chip-enabled as of the end of June, a number expected to grow to 60 percent by the end of the year and 98 percent by the end of 2017. “We’re making tremendous progress in helping ensure consumers are protected in the digital age. For momentum to continue in consumers’
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Four Years Later, Consumers Aren’t Seeing Savings Promised by Retailers From the Durbin Amendment

Four Years Later, Consumers Aren’t Seeing Savings Promised by Retailers From the Durbin Amendment WASHINGTON, DC – October 1, 2015 marks the fourth anniversary of the Durbin amendment’s implementation, but consumers aren’t celebrating. Once again, a new survey shows at least 92 percent of shoppers in each of the 15 categories measured reported that prices have increased or remained the same over the past year. This survey provides additional evidence that despite retailer promises that they would lower prices after realizing savings from the amendment – savings that now total over $32 billion – consumers generally have not seen savings. This survey, conducted in September 2015 by Phoenix Marketing International and sponsored by the Electronic Payments Coalition, asked nearly 2,000 consumers about price changes they have observed at a variety of retailers. The survey found continued evidence that most shoppers are not experiencing a price decrease at the point-of-sale. Supermarket shoppers were the most likely to report price increases – with 72 percent saying that supermarket prices have increased over the past year. Other categories with more than half of consumers reporting price increases included restaurants and drug stores or pharmacies. “In each of the 15 categories measured, less than 10
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Electronic Transaction Association |

EMV Chip Cards

Soon “chip” or “EMV” cards, using smart technology providing enhanced security, will be replacing everyone’s magnetic-stripe cards. The letters “EMV” refer to the technology’s originating team: Europay, MasterCard and Visa. Having a “chip” means that a customer’s payment method includes a tiny but powerful microprocessor, working around the clock to store and secure consumer data. The chip can’t be duplicated by criminals like a magnetic stripe card can, and it creates a unique code sequence for each individual transaction.
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USAA |

Chip cards are the cards of the future.

Chip cards are credit and debit cards embedded with a microprocessor on the front and the traditional magnetic stripe on the back. They are also known as “chip”, “smart” or “EMV” (Europay, MasterCard® and Visa®) cards. Chip cards provide strong transaction security when used at a chip-enabled terminal. This added layer of security can help minimize cardholder impact when a data breach occurs. Chip technology is already used in over 130 countries around the world. It will become the standard in the U.S. as the number of retailers accepting chip cards is growing.
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