EMV GATHERS STEAM AS U.S. MOVES TOWARD LIABILITY SHIFT

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1 W H I T E P A P E R EMV GATHERS STEAM AS U.S. MOVES TOWARD LIABILITY SHIFT Approaching deadlines will shift liability of card-present counterfeit fraud from issuers to acquirers and merchants. That combined with growing concerns over theft of card data and data breaches, EMV migration is speeding up.

2 EXECUTIVE SUMMARY The U.S. payments industry has relied on magnetic stripe-based card technology for decades, but incentives are laying the path for U.S. adoption of the EMV chip card standard, in use in most developed countries. EMV ensures a card is authentic by utilizing encrypted data stored on the card (although it does not encrypt the actual transaction). More than 575 million chip-enabled cards are expected to be in circulation by the end Adoption of EMV acceptance technologies is increasing, with the growing threat of network security breaches prompting major retailers to make the shift and limit their potential liabilities. Merchants may find migration easier, less costly and more beneficial than they realize, especially when used with end-to-end encryption and tokenization solutions that can eliminate virtually all the risks of data breaches. 2

3 CONTENT Executive Summary 2 Why EMV? 4 The Winds of Change 4 Chip & Pin (or Signature) 6 U.S. Resistance Melts 7 EMV Not a Defense Against Network Breaches 8 Rules are Changing 9 Implementation Issues and Solutions 10 EMV and End-to-End Security 10 VeriFone Your EMV Expert for a New Era 11 3

4 WHY EMV? Adoption of EMV cards now stands at more than 40% around the world, excluding the U.S., and EMV acceptance device adoption is at more than 70%, according to EMVCo. The U.S. is essentially alone in resisting migration to this standard. EMV was initiated to provide a worldwide standard for interaction between integrated microprocessor (chipbased) smart cards and approved payment devices and ATMs. This standard encompasses credit, debit and contactless payment transactions. These chip-based cards can support a range of applications, but the primary usage common around the world is to perform payment transactions that store encryption data for authentication. As part of the transaction authorization, the card uses the data to prove it is authentic. Encrypted data on chip cards has been used for more than ten years to prevent the cloning of payment cards. If it is combined with PIN consumer authentication and the prevention of non-repudiation are achieved. For general payment applications, an EMV terminal reads data stored on the chip card and authenticates that it is legitimate, thus preventing use of stolen or cloned cards. Strong cryptographic functions are used to authenticate the card and cardholder to ensure validity and authenticity. Magnetic stripe cards, on the other hand, do not have the same kind of data storage and have no microprocessor; therefore, magnetic stripe cards cannot contain the same security features as chip cards because there is no dynamic data element and cards are easy to clone. With magnetic stripe cards, the stripe on the back of the card, similar to a tape recorder. When the card is swiped, all of the cardholder data, such as the account number, name and expiration date, is sent in one direction, from the payment terminal to the authorization network, which checks the information, authorizes the charge and provides a payment guarantee to the merchant. REGION Canada, Latin America, and the Caribbean EMV CARDS ADOPTION RATE EMV TERMINALS ADOPTION RATE 471M 54.2% 7.1M 84.7% Asia Pacific 942M 17.4% 15.6M 71.7% Africa & the Middle East 77M 38.9% 699K 86.3% Source: EMVCo Europe Zone 1 794M 81.6% 12.2M 99.9% Europe Zone 2 84M 24.4% 1.4M 91.2% THE WINDS OF CHANGE EMV an acronym of Europay International, MasterCard and Visa, which in 1994 joined to initiate the specification has been or is in the process of being adopted by every developed country (including Canada) other than the U.S., as well as most emerging countries. Today, EMVCo is comprised of six member organizations American Express, Discover, JCB, MasterCard, UnionPay and Visa (Europay was absorbed by MasterCard) and supported by dozens of banks, merchants, processors, vendors and other industry stakeholders. 4

5 The U.S. long resisted moving to EMV because, despite some proponents such as Walmart, the payments ecosystem comprised by card brands, processors, acquirers and merchants had largely been content with the magnetic stripe-based infrastructure. But in August 2011, Visa announced a Technology Innovation Program (TIP) and liability shift for the U.S. that set out an EMV migration plan that included incentives for adoption and potential EMV adoption, followed by Discover which disclosed in 2013 that it had already accepted EMV in the U.S. at certain Walmart locations and American Express. The major dates and requirements are similar across the four major card brands in the U.S. such as the requirement that POS terminals must be hybrid devices enabled to accept contact and contactless chip cards but there are distinct differences: CARD BRAND ACQUIRER/PROCESSOR DEADLINE FOR SUPPORTING EMV LIABILITY SHIFT DATE RELIEF VISA April 2013 October 2015 (Fuel merchants: October 2017) October 2012 Eliminate annual PCI validation requirements for merchants who have 75% of their Visa transactions originating on chip-enabled terminals. MASTERCARD April 2013 October 2015 (Fuel dispensers: October 2017) October % relief from Account Data Compromise (ADC) if at least 75% of MasterCard transactions originate from EMV-compliant hybrid POS terminals. MASTERCARD October % ADC relief if 95% of transactions originate from EMV-compliant POS terminals. AMERICAN EXPRESS April 2013 October 2015 (Fuel dispensers: October 2017) October 2013 Relief from PCI Data Security Standard (DSS) reporting requirements if the acceptance locations, where 75% of their transactions occur, are enabled to process American Express EMV chipbased contact and contactless transactions. DISCOVER April 2013 *Includes direct-connect merchants October 2015 (Fuel dispensers: October 2017) October 2013 PCI audit waivers for merchants that process 75% of Discover Network transactions using EMV hybrid terminals. 5

6 Each card brand has adopted a carrot and stick approach to steer acquirers and merchants toward EMV compliance. Prior to October 2015 (October 2017 for fuel dispensers), the brands (primarily the issuers) absorbed the costs of counterfeit card fraud. After that date, the liability shifts to essentially the weakest link in the payments chain: Visa To spur adoption of the new technology, starting in 2015 our guidelines will place financial responsibility MasterCard The party that has made investment in the most secure EMV options is protected from financial liability for card-present fraud losses for both counterfeit and lost, stolen and non-receipt fraud on this date. American Express will institute a Fraud Liability Shift (FLS) policy that will transfer liability for certain types of fraudulent transactions away from the party that has the most secure form of EMV technology. Discover Fraud Liability Shift policy will be a risk-based payments hierarchy that benefits the entity that leverages the highest level of available payments security. Regardless of specific regulations implemented by each brand, clearly the goal is to shift fraud liability away from card issuers that, in most cases, have traditionally absorbed fraudulent costs of counterfeit card transactions. Presuming those issuers provide consumers with EMV chip cards, the onus will be on acquirers and merchants to ensure they devices, they will eventually become liable for card-present fraudulent card transactions that would have been prevented if they were processed over EMV terminals. CHIP & PIN (OR SIGNATURE) just one flavor of EMV that has been widely adopted and was implemented in the UK under that name in the past decade. But other countries have opted for a Chip & Signature approach. Chip & Signature. What Visa actually said was, they will continue to support a range of cardholder verification methods (CVMs) with EMV chip, including signature, online PIN and no-signature for low-value, low-risk The Merchant Advisory Group, which includes Walmart, Target, Sears, CVS Caremark and many others, has strongly endorsed Chip & PIN as a requirement for U.S. EMV adoption. Although card brands and issuers concede that EMV with PIN is more secure than EMV with signature, it does not appear that issuers will default to this option as the best shield against fraud liability. being used by a thief at the point of sale by signing for the transaction, MasterCard president of North America Chris McWilton told the Washington Post. But, he conceded, There are different views in the marketplace on whether PIN is the way to go. Banks will determine that based upon how they configure their PIN and whether they invest the time and effort in the back office to issue PINs to customers. There are costs to go with that standard. 6

7 get to a secure payment system in the U.S. is not to complicate matters by requiring everybody to adopt pin everywhere. She also noted that only a third of U.S. merchants currently accept PIN for card authorization. At this point it is up to the card issuers to determine whether they are providing Chip & PIN or Chip & for either cardholder verification method. In particular, with issuers talking about a liability hierarchy, it raises the question of whether a merchant accepting only Chip & Signature faces increased liability if its acquirer utilizes both authentication methods. According to MasterCard Advisors, MasterCard supports a liability shift for lost, stolen, and never received or issued (NRI) cards to the party that does not support PIN as a cardholder verification method. If neither party supports PIN, only the counterfeit liability shift rules apply. MasterCard, which also supports different flavors of EMV, has talked about a liability hierarchy, which essentially means that liability for EMV fraud is going to rest on the shoulders of whichever party in the processing chain has the weakest implementation of EMV. EMV acceptance is a bit more complicated when it comes to debit networks, as the Durbin Amendment to the Dodd-Frank Financial Reform Legislation of 2010 requires merchants to have access to at least two unaffiliated networks. But major data breaches also caused debit networks to sign on for EMV more quickly than expected. There had been somewhat of a stalemate between the networks and a group of debit networks working together until news broke of the Target and Neiman Marcus breaches, according to CardNotPresent.com. The resulting publicity turned into a groundswell of support for EMV which has prodded the debit networks into accepting Visa and/or MasterCard solutions, both which had technology ready to go. According to that report, Star now has agreement with MasterCard and Visa to license the common to Star, Accel and Interlink so far have signed agreements with MasterCard. U.S. RESISTANCE MELTS Until recently, efforts to promote chip cards for payment in the U.S. had largely fallen flat. That changed in had been stolen in a major breach of its network. Issuers were reluctant to replace mag-stripe cards with more expensive chip cards; merchants essentially refused to invest in new terminals that could read the cards. And consumers never were provided with a compelling case on why they should even care. A key element in the U.S. resistance was the fact that mag-stripe had worked very well. Unlike much of the world, online card authentication is common and relatively inexpensive in the U.S. and the cost of fraud has been relatively stable and built into the price for managing online transactions. 7

8 Walmart was the first major U.S. retailer to climb on the EMV bandwagon. Our terminals are already capable of accepting chip-and-pin technology, so if card technologies are upgraded to EMV chip cards, our systems will be able to process transactions. Walmart installed EMV-capable terminals about eight years ago, company spokesman Randy Hargrove was quoted by Marketwatch. Today, about 2,000 of our U.S. stores are enabled In the wake of the Target breach, retailers have become more visible and vocal in their support of EMV. Target announced that it would reissue all of its existing co-brand cards as MasterCard co-branded cards with consumer and small business credit card portfolio to EMV beginning in early Kroger spokesman Keith Dailey told the Dallas Morning News in early 2014 that the company has been building toward chip-and-pin technology for the past two years and that all new PIN pads at the supermarket chain can read EMV cards. Sears and CVS Caremark are also reportedly rolling out EMV capabilities. According to the Payment Security Task Force, participating issuers who expect to issue more than half a billion EMV cards by the end of 2015 include Bank of America, Capital One, Chase, Citi, Discover, Independent Community Bankers of America (representing issuing members), Navy Federal Credit Union, U.S. Bank and Wells Fargo & Company. Other issuers, according to EMV Connection, include American Express, BMO Diners Club, Silicon Valley Bank, SunTrust, U.S. Bank, and the Andrews Federal Credit Union, North Carolina State Employees Credit Union, Star One Credit Union, State Department Federal Credit Union, and United Nations Federal Credit Union. EMV NOT A DEFENSE AGAINST NETWORK BREACHES Following disclosure of the Target data breach, some politicians and pundits angrily demanded why EMV had not been adopted to prevent such criminal acts. In truth, EMV does nothing to stop network compromises or the placement of malware. What EMV does do is authenticate that the card being presented at the point of sale is not counterfeit. That is a major advancement over mag-stripe cards, but falls far short of preventing the compromise of cardholder data. There are two distinct kinds of criminal activity involving payment cards: fraud and data theft. Fraud is the use usually in large quantities, for later use in fraudulent transactions. EMV will prevent counterfeiting of a chipbased card, but it will not prevent using the data in other ways, particularly while the U.S. payment system still accommodates magnetic-strip-based cards. An indirect impact is that fraud shifts to offline card-not-present (CNP) transactions. The most secure payment transaction possible today is one that combines three technologies: EMV, Track Data Encryption and tokenization. Retailers using a comprehensive, multi-layered approach to transaction security can make themselves less appealing for criminal activity. Data-level encryption, applied as close to the point of entry or capture as possible, almost completely eliminates access points where unencrypted card data could be intercepted. 8

9 This is also called end-to-end or point-to-point encryption because data is encrypted at the point of capture, processor. If at any point along the way, the encrypted data is stolen, the data will be useless to criminals in their encrypted form. Tokenization provides another barrier to cyber thieves. Tokenization replaces cardholder account numbers with a valueless substitute -- a digital token. Tokenization reduces retailer security risks in the event of data have been authorized. If the token numbers are stolen, they are meaningless to thieves because outside of the correlation database, they are simply collections of random numbers. But they allow the processor or retailer to conduct necessary back-end processes ranging from chargebacks to analytics. RULES ARE CHANGING There are many business factors that are converging to make EMV more relevant to the U.S. payments industry. First off, while the cost of card fraud has been relatively consistent and has been built into the fee structure for card acceptance, it still represents a huge sum of money, and issuers are eager to transfer liability for those costs to the merchant. It is difficult to precisely catalog the losses from card fraud in the U.S., but according to a report by a senior economist with the Federal Reserve Bank of Kansas City, it amounts to more than $3 billion annually, spread among card issuers ($2 billion), point-of-sale merchants ($837 million), and mail order, telephone and Internet merchants ($900 million). Furthermore, organized crime to exploit payment cards have resulted in increasingly sophisticated efforts and large heists such as a crime ring that was charged in 2008 with stealing 45 million credit and debit cards from a number of national retailers. In January 2009, an assault on Heartland Payment Systems compromised an estimated 130 million card accounts. More recently, New York City law enforcement officials charged members of five organized forged credit card and identity theft rings based in Queens County and having ties to Europe, Asia, Africa and the Middle East with stealing personal credit information of thousands of unwitting American and European consumers and costing these individuals, financial institutions and retail businesses more than $13 million in losses over a 16-month period. Rather than adopt EMV, the U.S. payments industry was driven by the card brands to adopt Payment Card Industry (PCI) standards issued by the PCI Security Standards Council. While undoubtedly increasing the security of card payments overall, PCI standards are expensive for merchants who must audit their internal systems to ensure compliance, and vendors who provide hardware, software and services and who have had to implement new requirements into their products and services. The biggest merchant complaint about PCI is that compliance certification only reflects a moment in time, and subsequent changes to their systems can unknowingly create potential breach points that can leave them liable for resulting damages. 9

10 Aside from security, there are other compelling reasons to move to EMV. With the rest of the world adopting EMV, it will become increasingly difficult for mag-stripe cardholders to pay for transactions overseas and some large U.S. issuers have announced limited EMV card issuance for U.S. travelers abroad. Similarly, once overseas issuers do away with mag-stripe completely, as the European Payments Council has recommended, U.S. retailers may find themselves unable to accept card payments from foreign visitors. IMPLEMENTATION ISSUES AND SOLUTIONS EMV migration in the U.S. does not have to be costly and difficult. EMV card-acceptance devices are readily available for example, a global supplier, VeriFone, has been selling in overseas markets EMV-capable versions of the payment devices it provides in the U.S. Additionally, dual interface PIN pads will enable retailers to adapt older non-emv systems to the new payment requirements. For large retailers, the return on investment will be obvious. Many are already eager to adopt contactless in order to take advantage of the broader range of benefits, but simply need more hard evidence for the business can reap meaningful savings through the reduction of costs associated with annual PCI DSS validation, and will have the opportunity to re-invest those savings into additional payment technology infrastructure to support dynamic data processing. With MasterCard, merchants in 2015 could achieve 100 percent fee relief for compliance testing. For smaller merchants, it may be more difficult at first to make a business case because most are not currently required to conduct annual audits. However, acquirers do have the ability to require such audits even with require their smaller merchants to go along for the ride. In addition, with the liability shift taking effect, a fraudulent transaction event could threaten the existence of smaller merchants by saddling them with the liability of card-present counterfeit fraud. Merchants may be pleasantly surprised by the additional benefits of implementing consumer-facing EMV devices. Payment technology today is increasingly interactive think of how consumers pay for gas or purchase train or lottery tickets. This interactive element provides opportunities to engage with the consumer and create a deeper relationship. EMV AND END-TO-END SECURITY While EMV limits the exposure of merchant payment transactions to fraud and misuse, it does not protect cardholder information, that under EMV is still transmitted in the clear during the transaction. EMV can be viewed as part of an overall security portfolio for protecting all aspects of card transactions. encryption and tokenization to secure cardholder information, from insertion to processing and back. 10

11 VERIFONE YOUR EMV EXPERT FOR A NEW ERA EMV is a global standard and VeriFone has global experience in developing EMV payment-system solutions and peripherals that have achieved EMV Level 1 and Level 2 Type Approval. The complexity of migrating to EMV chip card standards can pose significant challenges for acquirers and merchants. Since the inception of EMV, VeriFone has provided internationally an unmatched line of EMV-compliant hardware and software as VeriFone is working closely with partners to ensure that all payment applications designed to run on these devices will be EMV-compliant. VeriCentre Estate Management solution can be utilized to centrally manage your device base to handle simultaneous downloads efficiently and at the least disruptive times. Accept a broad range of EMV card functionality including Dynamic Data Authentication (DDA) functionality and enciphered PIN Feature application separation to support multiple applications running securely on the terminal Offer 32-bit processing power to handle the performance demands related to EMV compliance across borders, and across hosts VeriFone supports the global EMV movement. Our experience and expertise with EMV will help guide you through these upcoming changes from start to finish and as mandates change over time. For more information contact your VeriFone or reseller representative. Visit 11

12 More Than 575 Million U.S. Payment Cards to Feature Chip Security in 2015, Aug. 13, Payments Security Task Force. About EMVCo, EMVCo. Using Embedded Microchips to Battle Cyberthieves, Visa CEO Charlie Scharf writing in the Wall Street Journal, Feb. 23, EMV Migration Driven by Payment Brand Milestones, by Cathy Medich, Smart Card Alliance. American Express Announces U.S. EMV Roadmap to Advance Contact, Contactless and Mobile Payments, June 29, American Express. Discover Financial Services Announces Next Steps for EMV Deployment across the Globe. Nov Discover Financial Services. EMV for U.S. Acquirers: Seven Guiding Principles for EMV Readiness, Phillip Miller, Guy Berg, Jeff Stroud and Steven Paese. MasterCard Advisors. Debit Networks Continue to Adopt MasterCard, Visa Common AID Solutions for EMV/Durbin Problem, April 7, CardNotPresent.com. Visa_Common_AID_Solutions_for_EMV/Durbin_Problem_-_April_7,_2014/ Erin McClam. NBC News. marketwatch.com/story/target-actually-sets-the-bar-for-credit-card-security Target Appoints New Chief Information Officer, Outlines Updates on Security Enhancements, Apr Target Corp. mastercard.com/news-briefs/bjs-wholesale-club-converts-credit-card-portfolio-to-mastercard/ Retailers have already installed hardware to read safer smart cards, January 27, 2014, Maria Halkias. Dallas Morning News, 3 Trends in EMV Adoption in the U.S., Bikram Saha, January 21, Bank Systems & Technology VeriFone. All rights reserved. VeriFone and the VeriFone logo are registered trademarks of VeriFone in the United States and/or other countries. No portion of this document may be reproduced or distributed in any form or by any means without the prior written permission of said company. All other trademarks are the property of their respective holders. 09/14 Rev A FS 12

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