NEWS BULLETIN

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1 NEWS BULLETIN Maine Automobile Dealers Association 180 Civic Center Drive P. O. Box 2667 Augusta, Maine DIAL FAX DISTRIBUTION General Manager Office Manager Parts Manager CREDIT CARDS and OCTOBER 1 Sales Manager Service Manager October 1 is an important date in the credit card world, for you as the merchant, for your customer and credit card holder, and for the credit card company. The issue is liability for counterfeit transactions. Today, the merchant which unknowingly accepts a counterfeit card and does everything else related to the card purchase correctly, does NOT have liability for the chargeback. The credit card issuer is responsible for any loss. On October 1, 2015, any counterfeit card loss could become the merchant s liability. The reason for this change, known as the liability shift, is that the card networks (Visa, MasterCard, Discover and American Express) all have changed their rules to allow for the liability on a counterfeit card, and is some cases a stolen card, to fall to the merchant. The liability shift is coming about because of the use of the new EMV or chip cards or smart cards. These are cards that have an embedded chip. Banks and credit unions are issuing the chip cards to consumers now, in preparation for the liability shift later this year. If you have not already upgraded your credit card terminal to accept chip cards (see News Bulletin and enclosed NADA memo) you need to seriously consider the impact that not upgrading will have on your business after October 1. While there is no requirement that you upgrade your terminal, failure to do so could expose you to chargebacks you don t currently see in your business. There are several different scenarios that could occur after October 1: 1. You chose not to upgrade your terminal and a consumer with a non-chip card makes a purchase at the dealership. This is identical to what happens today, and there is no change in the liability. The issuing bank is still responsible for counterfeit transaction. 2. You upgraded your terminal and the consumer uses a non-chip card in your store. Same thing, you are not responsible for the bad transaction. 3. You upgraded and the consumer presents a chip card for payment. No change in liability here, either. The issuing bank is still responsible for the bad transaction. 4. You chose not to upgrade and the consumer presents a counterfeit chip card in your store. You are responsible for the chargeback, even though you did all of the other things correctly. Obviously, #4 is the cause for concern and confusion in the merchant community. Since you have the least secure system (non-chip card ready) you bear the risk of the counterfeit card. In some cases, you may also assume some additional risk in the world of lost or stolen cards. Please review your credit card agreements to familiarize your organization with the new rules.

2 MORE ON CREDIT CARDS MASTERCARD MasterCard s recent announcement that it will begin issuing cards which start with the number 2, in addition to its historical start with 5 (Visa = 4, American Express = 3, Discover = 6), will cause merchants to make sure their processing terminals are of current vintage and not legacy terminals (no longer supported by manufacturer). The programming inside the standalone credit card terminal may only recognize certain start numbers (3, 4, 5 and 6 historically). With MasterCard s announcement, merchants must ensure that their processing terminals can also accept 2 as a starting number. If you have recently upgraded to a terminal which accepts contactless or EMV transactions, your terminal should be ready to accept the expanded code. These beginning credit card digits are critical to the proper identification of the credit card issuer, the type of card (rewards, debit, business), and the interchange rate your dealership pays for accepting the card. EEO-1 REPORTING DELAYED The Equal Employment Opportunity Commission has for several years required an annual EEO-1 report from businesses which employ 100 or more persons (full & part-time) in a single company or group of affiliated entities. These reports have been required by September 30 in past years, but the deadline this year has been extended to October 30. Dealerships which filed in the past were sent notification letters in July. There are some changes this year to the report which gathers information to be categorized by race/ethnicity, gender and job type. Additional information on the EEO-1 reporting requirements is available at Your MADA office is available to assist with questions you may have as to your obligations. AUDITS BY MAINE BUREAU OF CONSUMER CREDIT PROTECTION A number of MADA members are being audited this year by Maine s Bureau of Consumer Credit Protection. As we have discussed in the past, these audits are conducted periodically to determine compliance with the Maine Consumer Credit Code and Federal Trade Commission rules governing Truth-in-Lending and Truth-in-Leasing. This year, there is also a focus on dealership compliance under the federal Gramm-Leach-Bliley law which requires distribution of a Privacy Notice to customers as well as the development and annual review of a Safeguards Policy and a Red Flags Policy. These are not new obligations on dealerships. Should any dealership need assistance with the Notice or Policies, please contact your MADA office. This subject will be an agenda item for our Fall Regional Meetings. SCAM S The past few months have seen a significant volume and variety of traffic which appears to come from a trusted source, but is in fact an attempt to gain access or obtain funds from your company. The apparent senders have included NADA, MADA, EZ-Pass, individuals from dealerships, and others. These s have, in fact, come from other individuals or companies not related, endorsed, supported or even known to the apparent senders. Please carefully screen your s, and if you have doubts about the authenticity of an , feel free to inquire of the apparent sender.

3 CHIP CARD READERS MAY BE REQUIRED BY OCTOBER 1, 2015 Many of the major credit card companies have announced that retailers must implement chipcard ( EMV ) reading devices by October 1, 2015 or they could face potential contractual liability for any fraud that may occur. Dealers should consult their counsel and their credit card providers to determine the outlines of their contractual obligations. What is EMV? EMV is an acronym for EuroPay, Mastercard, and Visa, the three companies that developed the technology. EMV-enabled payment cards have embedded microchips that store the cardholder s information. Most credit cards currently in use in the United States do not contain a microchip; instead, they have a magnetic stripe that stores information about the cardholder. EMV cards may take a few different forms, most notably chip-and-pin and chip-andsignature. In order to make a purchase using a chip-and-pin card, the cardholder must insert his or her card into a card reader terminal and then enter a PIN known only to the cardholder. Chip-and-signature cards, in contrast, allow the cardholder to sign their name (rather than entering a PIN) in order to complete a transaction. What is the Difference Between a Chip Card and a Card with a Magnetic Stripe? The EMV chip-based technology is thought to provide greater security than magnetic stripe technology. For example, the requirement of a PIN for chip-and-pin cards adds an extra layer of security, thus making the cards less susceptible to fraud. Magnetic stripe cards also are easier to counterfeit than chip-embedded cards as they can more easily be skimmed that is, a counterfeiter can hijack an ATM machine or payment terminal with equipment that allows them to read data off the magnetic stripe. Once the counterfeiter harvests the data, it can be used to create a counterfeit card. Chip-embedded cards, however, are more difficult to counterfeit because they employ a technology known as dynamic data authentication (DDA), which is intended to prevent skimming. i This does not mean that chip-embedded cards are completely impervious to fraud. Stolen EMV cards still may be used to complete transactions in environments in which no chip-reading authentication mechanism is provided, such as e-commerce transactions. It is also important to note that EMV technology does not preclude the possibility of a data breach, since EMV technology does not prevent hackers from accessing unencrypted card information that either is in transmission or being stored by a dealer. ii

4 What Should Dealers Do? As mentioned above, in order for a customer to complete a chip-based transaction using an EMV card, the dealer must have installed a card reader that can read the data contained on a card s chip. Although dealers are not required to implement technology capable of handling EMV transactions, the incentives to do so are strong. As noted above, the major credit card companies have announced that as of October 2015, their contracts will be amended to shift liability as between a retailer and card issuer so that the party that does not support EMV will be held liable for credit card fraud. For example, liability for a fraudulent transaction will fall on a retailer if the affected customer presented an EMV card for payment but resorted to the magnetic stripe on the card because the retailer did not have chip-embedded card readers. Likewise, a customer s bank will be held liable for credit card fraud if the retailer in question offers chip-card reading terminals but the bank has not yet issued a chip-embedded card to the customer. The liability shift will take place in October 2015 for retailers, and will come into effect for ATMs in October 2016 and automatic fuel dispensers (for example, at gas stations) in October Dealers must evaluate their contracts in consultation with their counsel, and after doing so, should determine whether to incur the costs of upgrading equipment to accept EMV cards, how that decision will impact their contractual obligations for fraud charges, and also how their decision will be viewed in the future in the event that they suffer a point-of-sale data breach. Dealers are encouraged to consult with their counsel, their credit card companies, and their credit card processing vendors to explore their obligations and options. i VISA describes DDA as a type of Offline Data Authentication in which the card uses public key technology to generate a cryptographic value, which includes transaction-specific data elements, that is validated by the terminal to protect against skimming. ii Dealers are encouraged not to retain credit card numbers or related information, and should work with their vendors to ensure that any credit card transmission required for processing is done securely and in an encrypted fashion. National Automobile Dealers Association Copyright 2015

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