Card Fraud on the Rise: How Financial Institutions Can Help Prevent It Presented on: Tuesday, April 5, 2-3 ET Co-presented by: Ann Davidson VP of

Size: px
Start display at page:

Download "Card Fraud on the Rise: How Financial Institutions Can Help Prevent It Presented on: Tuesday, April 5, 2-3 ET Co-presented by: Ann Davidson VP of"

Transcription

1 Card Fraud on the Rise: How Financial Institutions Can Help Prevent It Presented on: Tuesday, April 5, 2-3 ET Co-presented by: Ann Davidson VP of Risk Consulting at Allied Solutions Tammy Behnke Program Director at ProSight Specialty Insurance

2 Breakdown of Today s Session 1. Overview of the card risk. 2. What is happening today with card fraud. 3. Action steps to dig deep into managing card risk. 4. Open up for Q&A.

3 Overview on Card Fraud Upticks Round 0 late 80 s Card-not-present data breaches Lesson learned: Financial institution can charge back the fraud. Round 1 mid 90 s CVC/CVC fraud risk Lesson learned: CVV/CVC not validating. Round 2 mid 2000 Card present breaches Lesson learned: Magnetic stripe compromised. Round Creative card fraud Data Breaches Lesson learned: Dig deep to find the root causation. Round 4 Current Non Chip Enabled Financial institutions Lesson learned: Put the chip on the card. Watch for future attacks on card-not-present fraud! The U.S. is a vulnerable country today for these organized criminals.

4 Overview on Card Fraud Upticks 1998 Debit Card Fraud Lessons Learned: Many financial institutions underestimate debit card fraud Financial institutions of all types are increasingly reporting being hit by the scam artists engaged in debit card fraud Probing for the weak link in the security chain Fast Forward to 2016: Debit card fraud continues to rise Most attacks involve card programs that do not have the chip on the card There is a great need to raise awareness of card fraud Are your cards experiencing magnetic stripe fraud? Are the cards encoded with the chip?

5 Status of Issued EMV Cards More than 212 million Visa cards were issued with EMV chips by Dec. 31, and more than 766,000 merchant locations accept Visa EMV cards. There are now more chip cards in the U.S. than in any other country, Visa says. According to MasterCard, 59% of its U.S.-issued consumer credit cards had EMV chips as of Dec. 31, and more than 800,000 merchant locations can accept EMV MasterCard products. MasterCard did not provide an exact number of EMV cards issued.

6 Update on EMV Cards Why is this important? Chargebacks Rise for Merchant Not Using EMV The Oct. 1, 2015 fraud liability shift to the company that was unable to handle EMV cards, is starting to take its toll. The Kroger grocery chain reports operating costs rose 23 points during the final quarter of 2015, in part from higher chargeback losses. Has your financial institution been able to recovery from magnetic stripe fraud under the chargeback rules because you have the chip on your cards? Gift Card Consequences As the EMV shift continues, fraudsters are paying more attention to gift cards. Many scammers are using counterfeit credit or debit cards to purchase gift cards at non-emv merchants, causing some of those merchants to restrict the way they sell gift cards, according to gift card giant Blackhawk Network. Is the cardholder name listed as gift card on your counterfeit receipts

7 Update on EMV Cards Why is this important? Julie Conroy, research director for retail banking at Aité Group (a Boston-based firm specializing in financial technology), predicted in her report on EMV that fraud would migrate to ATMs and e-commerce fraud, called card-not-present. Allen Friedman, director of payment services at Ingenico (a provider of card payment terminals and services), said that the US delay in moving to EMV has meant that fraudsters can use the mag stripes on European cards for fraudulent transactions at American merchants.

8 2016: Current Card Fraud Exposures

9 What s Happening Today with Card Fraud EMV attempted fraud for the first 3 quarters of 2015* Overall fraud attempts increased 163% Online (digital) fraud attempts spiked 254% Key questions for every financial institution offering a card program: Do you know the % of card fraud you prevented on each card program? Can you slice this card data into card present and card-not-present risk? One financial institutions shared that they prevented over $200,000 in attempts WOW! *Research from Fortner-2016

10 What s Happening Today with Card Fraud Card Fraud is like an Octopus Do you know where your card fraud is taking place? Is it multiple attacks? Online fraud Magnetic stripe fraud-pin Address Verification (AVS) fraud Card or Card Number Magnetic stripe Non-PIN (Signature) fraud Verified by Visa/ MasterCard SecureCode fraud Account takeover fraud Lost/stolen fraud Authentication fraud Recruitment fraud Card Not Received fraud (NRI) CVV2/CVC2 fraud PIN Change fraud Key entered Card Present or Card-Not-Present fraud

11 What s Happening Today with Card Fraud What is your financial institution experiencing? Magnetic stripe fraud non PIN Magnetic stripe fraud PIN Non magnetic stripe fraud card present or card-not-present Verified by Visa/MasterCard SecureCode fraud? Other? Most of the card fraud we are seeing today is magnetic stripe fraud, non PIN or signature based. Card fraud trend: The bad guys are going after magnetic stripe fraud where the chip is not on the card and the merchant has not enabled the chip readers! If your cards have the chip on them even though the merchant is not chip ready and there is magnetic stripe fraud, you can charge back the fraud to the merchant as of 10/01/2015!

12 Lessons Learned: The Right Questions to Ask

13 Dig Deep to Get to the Root Card Fraud Cause Are you doing a deep dive on your card program? Do you understand who and where each layer of card security is taking place? Do you understand where your transactions have been? Do you understand the type of card fraud you maybe incurring? Network with other financial institutions to find out what they are seeing? Are you taking action at the onset of an uptick in card fraud?

14 PIN Fraud at ATMs Are you experiencing PIN fraud at the ATM? Are your PINs being changed by the fraudster? Are you using a multi-layered security approach at your ATMs? Have you validated your security settings for daily $ limits and transaction limits? Do you have in place fraud monitoring rules/strategies for PIN transactions at an ATM? Are you deploying an anti-skimming device on your ATMs to alert you to a foreign device being attached to your ATM? Do you deploy card trapping technology on your ATMs to recognize a card trapping device being added to your ATM? Do you educate your cardholder s to alert you if their card is not returned to them?

15 PIN Fraud at ATMs Are your ATMs chip enabled? Will your ATMs be chip enabled by the card associations shift in the fraud liability dates? Are you aware of the MasterCard fraud liability shift date of 10/01/2016 and Visa s date of 10/01/2017 to have your ATMs chip enabled in order to allow you chargeback rights? You can deploy this chip technology before these dates to help prevent magnetic stripe PIN fraud at the ATMs. Are you looking to deploy biometrics or any other type of card security technology at your ATMs to help manage payment card risk? Stay on top of the technology being offered in the industry to help detect, prevent and mitigate ATM PIN fraud. Are you taking action immediately to dig deep if you are seeing an uptick in card fraud?

16 Card Present Fraud Do you know if you are blocking card present key entered transactions? Are you using name matching if the merchant transmits Track 1 magnetic stripe data with the improper cardholder name? Have you checked your daily dollar limits for: POS-non-PIN (signature) transactions POS-PIN transactions ATM-PIN transactions Card not present transactions Did you know your daily $ limit on a credit card is the line of credit? This is how much the bad guy could withdrawal in a 24-hour timeframe.

17 Card-Not-Present Fraud Have you expanded the enrollment criteria for VBV and MCSC? Do you review the report on VBV/MCSC password changes? Have you educated your cardholders on VBV/MCSC? Do your staff members understand what an ECI 5 and ECI 6 means? Do they understand that for an ECI 6 the financial institution retains the fraud loss? Do they know why you are retaining the card fraud? Are you looking at your fraud packets and the reason why you are retaining the card fraud loss?

18 Card Losses What are you seeing? What should you be watching for? How do you get in at the onset of when you see an uptick? Do you know what type of card loss you are having? Credit card or debit card? Are your loss tools helping prevent the loss or are the losses get through and WHY? Are you looking at your fraud packets and the reason why you are retaining the card fraud loss?

19 Best Practices for Breach Prevention in 2016

20 Breach Prevention Best Practices Require secure card activation methods on all cards Ensure placement of a fraud monitoring system that: Works in real time, year round for all authorizations Denies the first unauthorized transaction attempt Includes rules based and behavior based strategies Review settings, strategies, and reports with your processor Set daily dollar limits for all transactions, and deny authorizations that exceed limits within 24-hour timeframe Support Verified by Visa (VBV) and MasterCard SecureCode (MCSC), and adopt challenging enrollment criteria Confirm CVV/CVC, dcvv, and CVV2/CVC2 codes are working effectively, and response codes are set to decline

21 Breach Prevention Best Practices Confirm name matching is working for all track 1 authorizations and set the response code to decline for mismatches Ensure exact card expiration date is working effectively, and response code is set to decline Confirm Address Verification Service is being utilized by merchants Adopt any and all security layers available for fraud exposure, such as: Chip-and-PIN cards End-to-end encryption Tokenization Biometrics Educate your employees and accountholders about breach prevention Contact risk.alerts@alliedsolutions.net to receive a copy of our Card Fraud Prevention Checklists for Account Holders

22 Breach Prevention Best Practices: Card-Not- Present Fraud Monitor cardholders who have not enrolled in VBV/MCSC, as they may be targeted by fraudsters to phish and enroll Educate your cardholders to only use secure sites when shopping online and to take extra caution when doing so For example, ApplePay uses multiple layers of protectionbiometrics, tokenization and chip technology Work with vendors to utilize encryption, issuer and acquirer tokenization, and biometrics to enhance security tools Consider adopting Visa Checkout and Master Pass along with Visa Digital Enablement Program and MasterCard Digital Enablement Service

23 Breach Response Best Practices Monitor any follow-up on the card data breach Uncover and report the fraud type, as this is a requirement under the card association(s) rules Review fraud monitoring reports to see what may be presenting the fraud Work closely with your vendors to respond swiftly & compliantly Watch closely for subsequent fraud attacks Evaluate card number compromised to help determine if risk is high Review card associations alerts and act immediately on at risk data Analyze at risk open card accounts to determine which cards are/are not still active Block and reissue impacted, open card numbers when magnetic stripe has been compromised Identify and report the common point of compromise (CPP) immediately Accelerate the card expiration dates on the active cards Ask card association(s) to take recovery action related to any expenses

24 Breach Response Best Practices: Card-Not- Present Fraud Request your card authorization provider runs a separate report for the POS/SIC and ECI authorizations so you can determine how the card-not-present fraud was performed: POS/SIC 01 means the key was entered; POS/SIC 81 means it was authorized over the internet ECI 05 means fully authenticated for VBV/MCSC; ECI 06 means merchant attempted VBV but the card issuer did not support or cardholder was not yet enrolled If you are seeing fraud cases where the VBV/MCSC password matched, request that more challenging enrollment criteria is required of the cardholder Run a report to find out if the VBV/MCSC passwords created by your cardholders were changed prior to VBV/MCSC fraud taking place If you have fraud losses you cannot chargeback to the merchant, find out why

25 Follow-Up Response Planning Webinar Data Breaches Continue to Rise: How Financial Institutions Can Prepare & Respond May 4, 2016 from 2-3 (ET) Building a data breach response plan is as critical as building a disaster recovery plan! Hear Ann Davidson, VP of Risk Consulting at Allied Solutions, and Sally King, Managing Partner and Co-Founder of NXG Strategies, speak about how your financial institution can build a proactive data breach response plan that ll help reduce the financial and reputational impact of an attack inside your organization or in your community. This webinar will also touch on: Adopting secure policies and third-party programs Building an effective member response plan Offsetting the costs of responding to an attack Complying with FTC regulations such as the Gramm-Leach-Biley Act

26 Time to Ask Questions or Share What You are Seeing Education and awareness is key to our success! Therefore, if you have any remaining questions please ask them now!

27 27

28 Contact Information To find out more about the products Allied Solutions offers to help prepare for or respond to financial institution risks, contact your Allied sales representative or: Patrick Touhey Senior Vice President of Bond Allied Solutions, LLC To ask additional questions about risk concerns not addressed today, contact either of today s co-presenters: Ann D. Davidson Vice President of Risk Consulting Allied Solutions, LLC Ann.Davidson@alliedsolutions.net Tammy Behnke, CPCU, RPLU Credit Union Program Executive ProSight Specialty Insurance TBehnke@prosightspecialty.com

Top Authentication & Identification Methods to Protect Your Credit Union

Top Authentication & Identification Methods to Protect Your Credit Union Top Authentication & Identification Methods to Protect Your Credit Union Presented on: Thursday, May 7, 2 3 ET Co presented by: Ann Davidson VP of Risk Consulting at Allied Solutions Tammy Behnke Credit

More information

Top Fraud Trends Facing Financial Institutions

Top Fraud Trends Facing Financial Institutions Top Fraud Trends Facing Financial Institutions Presented on: October 7, 2015, 2-3 ET Presented by: Ann Davidson - VP of Risk Consulting at Allied Solutions Webinar Agenda 1. Fraud trends in 2015 and beyond

More information

Top Ten Fraud Risks That Impact Your Financial Institution. Presented by Ann Davidson - VP Risk Consulting Allied Solutions LLC.

Top Ten Fraud Risks That Impact Your Financial Institution. Presented by Ann Davidson - VP Risk Consulting Allied Solutions LLC. Top Ten Fraud Risks That Impact Your Financial Institution Presented by Ann Davidson - VP Risk Consulting Allied Solutions LLC Agenda Education on understanding the fraud risk Take away.. Education to

More information

Payment Methods. The cost of doing business. Michelle Powell - BASYS Processing, Inc.

Payment Methods. The cost of doing business. Michelle Powell - BASYS Processing, Inc. Payment Methods The cost of doing business Michelle Powell - BASYS Processing, Inc. You ve got to spend money, to make money Major Industry Topics Industry Process Flow PCI DSS Compliance Risks of Non-Compliance

More information

EMV's Role in reducing Payment Risks: a Multi-Layered Approach

EMV's Role in reducing Payment Risks: a Multi-Layered Approach EMV's Role in reducing Payment Risks: a Multi-Layered Approach April 24, 2013 Agenda EMV Rationale Why is this worth the effort? Guides how we implement it EMV Vulnerability at the POS EMV Impact on CNP

More information

1. Ask what your financial institution knows or has personally experienced with regard to internal and external data breaches.

1. Ask what your financial institution knows or has personally experienced with regard to internal and external data breaches. Part 1: Internal & External Data Breach Vulnerabilities Presented on: Thursday, February 12, 2 3 ET Co presented by: Ann Davidson VP of Risk Consulting at Allied Solutions Joe Majka CSO at Verifone 1 Breakdown

More information

Payment Card Industry (PCI) Data Security Standard. PCI DSS Applicability in an EMV Environment A Guidance Document Version 1

Payment Card Industry (PCI) Data Security Standard. PCI DSS Applicability in an EMV Environment A Guidance Document Version 1 Payment Card Industry (PCI) Data Security Standard PCI DSS Applicability in an EMV Environment A Guidance Document Version 1 Release date: 5 October 2010 Table of Contents 1 Executive Summary... 3 1.1

More information

Fraud Prevention and Program Security Gord Jamieson Director Risk Management & Security Visa Canada Association

Fraud Prevention and Program Security Gord Jamieson Director Risk Management & Security Visa Canada Association Fraud Prevention and Program Security Gord Jamieson Director Risk Management & Security Visa Canada Association Evolution of Risk Management Controls Presentation text goes here. Presentation text goes

More information

The Comprehensive, Yet Concise Guide to Credit Card Processing

The Comprehensive, Yet Concise Guide to Credit Card Processing The Comprehensive, Yet Concise Guide to Credit Card Processing Written by David Rodwell CreditCardProcessing.net Terms of Use This ebook was created to provide educational information regarding payment

More information

Enhancing Payment Card Security New Measures to be Phased in from 2 nd Quarter 2010 to 1 st Quarter 2011

Enhancing Payment Card Security New Measures to be Phased in from 2 nd Quarter 2010 to 1 st Quarter 2011 Enhancing Payment Card Security New Measures to be Phased in from 2 nd Quarter 2010 to 1 st Quarter 2011 On 5 th March 2010, The Association of Banks in Singapore announced key measures to adopt a holistic

More information

Your Single Source. for credit, debit and pre-paid services. Fraud Risk and Mitigation

Your Single Source. for credit, debit and pre-paid services. Fraud Risk and Mitigation Your Single Source for credit, debit and pre-paid services Fraud Risk and Mitigation Agenda Types of Fraud Fraud Identification Notifications Next Steps 11/8/2013 2 Types of Fraud Lost and Stolen Cards

More information

BinBase.com REPORT: credit card fraud

BinBase.com REPORT: credit card fraud BinBase.com REPORT: credit card fraud Whether you are a security specialist, an e-commerce web developer, or an online merchant, a knowledge of how credit card fraud works and what you can do to prevent

More information

Preparing for EMV chip card acceptance

Preparing for EMV chip card acceptance Preparing for EMV chip card acceptance Ben Brown Vice President, Regional Sales Manager, Wells Fargo Merchant Services Lily Page Vice President, Wholesale ereceivables, Wells Fargo Merchant Services June

More information

EMV FAQs. Contact us at: CS@VancoPayments.com. Visit us online: VancoPayments.com

EMV FAQs. Contact us at: CS@VancoPayments.com. Visit us online: VancoPayments.com EMV FAQs Contact us at: CS@VancoPayments.com Visit us online: VancoPayments.com What are the benefits of EMV cards to merchants and consumers? What is EMV? The acronym EMV stands for an organization formed

More information

EMV and Small Merchants:

EMV and Small Merchants: September 2014 EMV and Small Merchants: What you need to know Mike English Executive Director, Product Development Heartland Payment Systems 2014 Heartland Payment Systems, Inc. All trademarks, service

More information

Emerging Trends in the Payment Ecosystem: The Good, the Bad and the Ugly DAN KRAMER

Emerging Trends in the Payment Ecosystem: The Good, the Bad and the Ugly DAN KRAMER Emerging Trends in the Payment Ecosystem: The Good, the Bad and the Ugly DAN KRAMER SHAZAM, Senior Vice President Agenda The Ugly Fraud The Bad EMV? The Good Tokenization and Other Emerging Payment Options

More information

With the Target breach on everyone s mind, you may find these Customer Service Q & A s helpful.

With the Target breach on everyone s mind, you may find these Customer Service Q & A s helpful. With the Target breach on everyone s mind, you may find these Customer Service Q & A s helpful. Breach Overview Q: Media reports are stating that Target experienced a data breach. Can you provide more

More information

Card Network Update Chip (EMV) Acceptance in the United States At-A-Glance

Card Network Update Chip (EMV) Acceptance in the United States At-A-Glance Card Network Update Chip (EMV) Acceptance in the United States At-A-Glance Allegiance Merchant Services is committed to assisting you in navigating through the various considerations that you may face

More information

Introductions 1 min 4

Introductions 1 min 4 1 2 1 Minute 3 Introductions 1 min 4 5 2 Minutes Briefly Introduce the topics for discussion. We will have time for Q and A following the webinar. 6 Randy - EMV History / Chip Cards /Terminals 5 Minutes

More information

EMV and Restaurants: What you need to know. Mike English. October 2014. Executive Director, Product Development Heartland Payment Systems

EMV and Restaurants: What you need to know. Mike English. October 2014. Executive Director, Product Development Heartland Payment Systems October 2014 EMV and Restaurants: What you need to know Mike English Executive Director, Product Development Heartland Payment Systems 2014 Heartland Payment Systems, Inc. All trademarks, service marks

More information

Mitigating Fraud Risk Through Card Data Verification

Mitigating Fraud Risk Through Card Data Verification Risk Management Best Practices 11 September 2014 Mitigating Fraud Risk Through Card Data Verification AP, Canada, CEMEA, LAC, U.S. Issuers, Processors With a number of cardholder payment options (e.g.,

More information

Visa Debit processing. For ecommerce and telephone order merchants

Visa Debit processing. For ecommerce and telephone order merchants Visa Debit processing For ecommerce and telephone order merchants Table of contents About this guide 3 General procedures 3 Authorization best practices 3 Status check transactions 4 Authorization reversals

More information

Card Not Present Fraud Webinar Transcript

Card Not Present Fraud Webinar Transcript Card Not Present Fraud Webinar Transcript All right let s go ahead and get things started, and to do that, I d like to turn it over to Fae Ghormley. Fae? Thank you for giving us this opportunity to share

More information

Five Steps Towards Effective Fraud Management

Five Steps Towards Effective Fraud Management Five Steps Towards Effective Fraud Management Merchants doing business in a card-not-present environment are exposed to significantly higher fraud risk, costly chargebacks and the challenge of securing

More information

Frequently Asked Questions (FAQ) on HSBC Chip Credit Cards

Frequently Asked Questions (FAQ) on HSBC Chip Credit Cards Frequently Asked Questions (FAQ) on HSBC Chip Credit Cards Cards issued by The HongKong and Shanghai Banking Corporation Limited, India (HSBC) 1. What is EMV Chip Card? EMV (Europay MasterCard Visa) is

More information

ACQUIRER OR ACQUIRING BANK A financial institution (often a bank) where a merchant has an account to process transactions and card payments

ACQUIRER OR ACQUIRING BANK A financial institution (often a bank) where a merchant has an account to process transactions and card payments A TO Z JARGON BUSTER A ACQUIRER OR ACQUIRING BANK A financial institution (often a bank) where a merchant has an account to process transactions and card payments ATM Automated Teller Machine. Unattended,

More information

What is EMV? What is different?

What is EMV? What is different? U.S. consumers are receiving new debit and credit cards with embedded chip technology that better stores and protects cardholder information. These new chip cards are part of the new card standard, Europay,

More information

Commercial Payments Overview. Visa Commercial Partnerships October 2013

Commercial Payments Overview. Visa Commercial Partnerships October 2013 Commercial Payments Overview Visa Commercial Partnerships October 2013 Agenda Commercial Payments VisaNet Commercial Payments Trends Fraud/Risk Mitigation Regulatory update Visa Commercial Payments Overview

More information

A multi-layered approach to payment card security.

A multi-layered approach to payment card security. A multi-layered approach to payment card security. CARD-NOT-PRESENT 1 A recent research study revealed that Visa cards are the most widely used payment method at Canadian websites, on the phone, or through

More information

EMV and Restaurants What you need to know! November 19, 2014

EMV and Restaurants What you need to know! November 19, 2014 EMV and Restaurants What you need to know! Mike English Executive Director of Product Development Kristi Kuehn Sr. Director, Compliance November 9, 204 Agenda EMV overview Timelines Chip Card Liability

More information

Fraud Protection, You and Your Bank

Fraud Protection, You and Your Bank Fraud Protection, You and Your Bank Maximize your chances to minimize your losses Presentation for Missouri GFOA April 2011 By: Terry Endres, VP, Government Treasury Solutions Phone: 314-466-6774 Terry.m.endres@baml.com

More information

Suzanne Lynch Professor of Practice Economic Crime Utica College sl6-15 1

Suzanne Lynch Professor of Practice Economic Crime Utica College sl6-15 1 Suzanne Lynch Professor of Practice Economic Crime Utica College sl6-15 1 The most significant trend is decreasing paper payments and increasing electronic payments. Many organizations are also seeing

More information

How to Prepare. Point of sale requirements are changing. Get ready now.

How to Prepare. Point of sale requirements are changing. Get ready now. How to Prepare for EMV Point of sale requirements are changing. Get ready now. The EMV mandate is fast approaching. Now is the time to plan a strategy to prepare for this change. 2 EMV: The Backstory 3

More information

What Merchants Need to Know About EMV

What Merchants Need to Know About EMV Effective November 1, 2014 1. What is EMV? EMV is the global standard for card present payment processing technology and it s coming to the U.S. EMV uses an embedded chip in the card that holds all the

More information

A RE T HE U.S. CHIP RULES ENOUGH?

A RE T HE U.S. CHIP RULES ENOUGH? August 2015 A RE T HE U.S. CHIP RULES ENOUGH? A longer term view of security and the payments landscape is needed. Abstract: The United States is finally modernizing its card payment systems and confronting

More information

Merchant Best Practices & Guidelines

Merchant Best Practices & Guidelines National Bank of Abu Dhabi Merchant Best Practices & Guidelines Merchant Advice Version 1.0 January 24, 2016 Table of Content 1. Guidelines to reduce Merchant Risks... 3 1.1 Card Present Transactions...

More information

Merchant Guide to the Visa Address Verification Service

Merchant Guide to the Visa Address Verification Service Merchant Guide to the Visa Address Verification Service Merchant Guide to the Visa Address Verification Service TABLE OF CONTENTS Table of Contents Merchant Guide to the Visa Address Verification Service

More information

UNIVERSITY CONTROLLER S OFFICE

UNIVERSITY CONTROLLER S OFFICE UNIVERSITY CONTROLLER S OFFICE Payment Card Industry (PCI) Security Standards Training Guide (updated for 3.1 requirements) February 2016 Disclaimer: The information in this guide is current as of the

More information

NEWS BULLETIN 2015-16

NEWS BULLETIN 2015-16 NEWS BULLETIN Maine Automobile Dealers Association 180 Civic Center Drive P. O. Box 2667 Augusta, Maine 04338-2667 DIAL 623-3882 e-mail:info@maineautodealers.com FAX 623-2318 DISTRIBUTION General Manager

More information

Understand the Business Impact of EMV Chip Cards

Understand the Business Impact of EMV Chip Cards Understand the Business Impact of EMV Chip Cards 3 What About Mail/Telephone Order and ecommerce? 3 What Is EMV 3 How Chip Cards Work 3 Contactless Technology 4 Background: Behind the Curve 4 Liability

More information

PCI and EMV Compliance Checkup

PCI and EMV Compliance Checkup PCI and EMV Compliance Checkup ATM Security Jim Pettitt Director, ATM Security Diebold Incorporated Agenda ATM threats today Top of mind risk PCI Impact on Security U.S. EMV Migration Conclusions / recommendations

More information

CPIM Academy. Cash 257 Merchant Services and Revenue Collection

CPIM Academy. Cash 257 Merchant Services and Revenue Collection CPIM Academy Cash 257 Merchant Services and Revenue Collection 2015 Objectives Feel prepared to discuss/understand basics of merchant processing Understand Service Fees Difference between credit and debit

More information

Security enhancement on HSBC India Debit Card

Security enhancement on HSBC India Debit Card Security enhancement on HSBC India Debit Card A Secure Debit Card HSBC India Debit Cards are more secure and enabled with the Chip and PIN technology. In addition to this you can restrict usage of the

More information

Keeping A Lid On Payment Fraud Joni Lovingood, CRM, CFE Corporate Property & Casualty Sales Specialist CUNA Mutual Group

Keeping A Lid On Payment Fraud Joni Lovingood, CRM, CFE Corporate Property & Casualty Sales Specialist CUNA Mutual Group Keeping A Lid On Payment Fraud Joni Lovingood, CRM, CFE Corporate Property & Casualty Sales Specialist CUNA Mutual Group CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited

More information

How To Comply With The New Credit Card Chip And Pin Card Standards

How To Comply With The New Credit Card Chip And Pin Card Standards My main responsibility as a Regional Account Manager for IMD is obtain the absolute lowest possible merchant fees for you as a business. Why? The more customers we can save money, the more volume of business

More information

toast EMV in 2015: How Restaurants Can Prepare for the New Chip-and-Pin Standard

toast EMV in 2015: How Restaurants Can Prepare for the New Chip-and-Pin Standard toast EMV in 2015: How Restaurants Can Prepare for the New Chip-and-Pin Standard Table of Contents For more than 40 years, merchants and consumers have used magnetic stripe credit cards and compatible

More information

Cash 257 Merchant Services and Revenue Collection

Cash 257 Merchant Services and Revenue Collection CPIM Academy Cash 257 Merchant Services and Revenue Collection 2015 Objectives Feel prepared to discuss/understand basics of merchant processing Understand Service Fees Difference between credit and debit

More information

A: This will depend on a number of factors. Things to consider and discuss with a member of our ANZ Merchant Services team are:

A: This will depend on a number of factors. Things to consider and discuss with a member of our ANZ Merchant Services team are: 1 ANZ egate FAQ s Contents Section 1 General information: page 1 Section 2 Technical information for ANZ egate Merchants: page 5 November 2010 Section 1 General information Q: What is ANZ egate? A: ANZ

More information

Visa Reloadable Frequently Asked Questions. EMV Travel Card

Visa Reloadable Frequently Asked Questions. EMV Travel Card Visa Reloadable Frequently Asked Questions EMV Travel Card How does the International Prepaid Card work? The International Prepaid Card is a reloadable prepaid Visa debit card, which means you can spend

More information

How does the EMV Travel Prepaid Card work?

How does the EMV Travel Prepaid Card work? How does the EMV Travel Prepaid Card work? The EMV Travel Prepaid Card is a reloadable prepaid Visa Reloadable EMV Travel Prepaid Card, which means you can spend up to the value placed on the card anywhere

More information

Target Data Breach Survey of Illinois Banks. Executive Summary

Target Data Breach Survey of Illinois Banks. Executive Summary Target Data Breach Survey of Illinois Banks Executive Summary February 2014 www.ilbanker.com Target Data Breach Survey of Illinois Banks Executive Summary In December of 2013, just days before the holidays,

More information

Chargelytics Consulting

Chargelytics Consulting Chargelytics Consulting Case Study: Understanding the Impacts of Consumer Authentication on Approved Transactions 1 CardinalComerce Chargelytics Consulting Table of Contents: Table of Contents. 1 Executive

More information

U.S. Smart Card Migration: Stripe to EMV Claudia Swendseid, Federal Reserve Bank of Minneapolis Terry Dooley, SHAZAM Kristine Oberg, Elavon

U.S. Smart Card Migration: Stripe to EMV Claudia Swendseid, Federal Reserve Bank of Minneapolis Terry Dooley, SHAZAM Kristine Oberg, Elavon U.S. Smart Card Migration: Stripe to EMV Claudia Swendseid, Federal Reserve Bank of Minneapolis Terry Dooley, SHAZAM Kristine Oberg, Elavon UMACHA Navigating Payments 2014 October 8, 2014 Who We Are Claudia

More information

Prevention Is Better Than Cure EMV and PCI

Prevention Is Better Than Cure EMV and PCI Prevention Is Better Than Cure EMV and PCI Prevention Is Better Than Cure An independent view on the effectiveness of EMV and PCI in case of large-scale card compromise. Over the past couple of months,

More information

Testimony of Scott Talbott, Sr. V.P. for Government Relations, Electronic Transactions Association (ETA)

Testimony of Scott Talbott, Sr. V.P. for Government Relations, Electronic Transactions Association (ETA) Testimony of Scott Talbott, Sr. V.P. for Government Relations, Electronic Transactions Association (ETA) House Small Business Committee Hearing on the EMV Deadline and What It Means for Small Business

More information

THE ROAD TO U.S. EMV MIGRATION Information and Strategies to Help Your Institution Make the Change

THE ROAD TO U.S. EMV MIGRATION Information and Strategies to Help Your Institution Make the Change THE ROAD TO U.S. EMV MIGRATION Information and Strategies to Help Your Institution Make the Change Advancements in technological capabilities, along with increasing levels of counterfeit fraud, led the

More information

Healthcare Payment Security Is Your Patient s Card Data Exposed? May 24, 2016

Healthcare Payment Security Is Your Patient s Card Data Exposed? May 24, 2016 Healthcare Payment Security Is Your Patient s Card Data Exposed? May 24, 2016 PRESENTER BIOS Michael Fidler Vice President Elavon Healthcare Payment Solutions Michael D. Fidler is Vice President, Healthcare

More information

EMV EMV TABLE OF CONTENTS

EMV EMV TABLE OF CONTENTS 2 TABLE OF CONTENTS Intro... 2 Are You Ready?... 3 What Is?... 4 Why?... 5 What Does Mean To Your Business?... 6 Checklist... 8 3 U.S. Merchants 60% are expected to convert to -enabled devices by 2015.

More information

Heartland Secure. By: Michael English. A Heartland Payment Systems White Paper 2014. Executive Director, Product Development

Heartland Secure. By: Michael English. A Heartland Payment Systems White Paper 2014. Executive Director, Product Development A Heartland Payment Systems White Paper 2014 Heartland Secure. By: Michael English Executive Director, Product Development 2014 Heartland Payment Systems. All trademarks, service marks and trade names

More information

EMV and Chip Cards Key Information On What This Is, How It Works and What It Means

EMV and Chip Cards Key Information On What This Is, How It Works and What It Means EMV and Chip Cards Key Information On What This Is, How It Works and What It Means Document Purpose This document is intended to provide information about the concepts behind and the processes involved

More information

PayPass - M/Chip Requirements. 5 December 2011

PayPass - M/Chip Requirements. 5 December 2011 PayPass - M/Chip Requirements 5 December 2011 Notices Proprietary Rights The information contained in this document is proprietary and confidential to MasterCard International Incorporated, one or more

More information

Visa Debit ecommerce merchant acceptance. Frequently asked questions and flowchart

Visa Debit ecommerce merchant acceptance. Frequently asked questions and flowchart Visa Debit ecommerce merchant acceptance Frequently asked questions and flowchart Table Of Contents Visa Debit. The convenience of debit. The security of Visa. 3 The value of Visa Debit for ecommerce:

More information

SellWise User Group. Thursday, February 19, 2015

SellWise User Group. Thursday, February 19, 2015 SellWise User Group Thursday, February 19, 2015 Slides and recording posted on scouting.org/financeimpact Look on the Council Fiscal Management Tab, then look at the bottom left for Sellwise Support/User

More information

THE FIVE Ws OF EMV BY DAVE EWALD GLOBAL EMV CONSULTANT AND MANAGER DATACARD GROUP

THE FIVE Ws OF EMV BY DAVE EWALD GLOBAL EMV CONSULTANT AND MANAGER DATACARD GROUP THE FIVE Ws OF EMV BY DAVE EWALD GLOBAL EMV CONSULTANT AND MANAGER DATACARD GROUP WHERE IS THE U.S. PAYMENT CARD INDUSTRY NOW? WHERE IS IT GOING? Today, payment and identification cards of all types (credit

More information

OpenEdge Research & Development Group April 2015

OpenEdge Research & Development Group April 2015 2015: Security, Merchant Readiness & the Coming Liability Shift OpenEdge Research & Development Group April 2015 solutions@openedgepay.com openedgepay.com 2015: Security, Merchant Table of Contents The

More information

Target Security Breach

Target Security Breach Target Security Breach Lessons Learned for Retailers and Consumers 2014 Pointe Solutions, Inc. PO Box 41, Exton, PA 19341 USA +1 610 524 1230 Background In the aftermath of the Target breach that affected

More information

April 12, 2004. To: Verified by Visa Merchants Verified by Visa Acquirers Verified by Visa Merchant Service Providers

April 12, 2004. To: Verified by Visa Merchants Verified by Visa Acquirers Verified by Visa Merchant Service Providers April 12, 2004 To: Verified by Visa Merchants Verified by Visa Acquirers Verified by Visa Merchant Service Providers The year 2003 was an active one for the Verified by Visa program, and 2004 promises

More information

Why You Should Adopt EMV Chip Card Technology

Why You Should Adopt EMV Chip Card Technology Why You Should Adopt EMV Chip Card Technology A perspective on EMV following the liability shift. Get ready now. EMV chip card technology is here. It is crucial to plan a strategy before implementing EMV.

More information

NATIONAL BANK s MasterCard SecureCode / Verified by VISA Service - Questions and Answers

NATIONAL BANK s MasterCard SecureCode / Verified by VISA Service - Questions and Answers Learn more about MasterCard SecureCode / Verified by VISA service of NATIONAL BANK. You can use the links below to jump to specific topics, or scroll down the page to read the full list of questions and

More information

Acceptance to Minimize Fraud

Acceptance to Minimize Fraud Best Practices for Credit Card Acceptance to Minimize Fraud By implementing best practices in credit card processing, you decrease the likelihood of fraudulent transactions and chargebacks. In general,

More information

Avoiding Fraud. Learn to recognize the warning signs for fraud and follow these card acceptance guidelines to reduce your risk.

Avoiding Fraud. Learn to recognize the warning signs for fraud and follow these card acceptance guidelines to reduce your risk. Avoiding Fraud Learn to recognize the warning signs for fraud and follow these card acceptance guidelines to reduce your risk. Intoduction Fraud comes in many forms and hurts merchants of all sizes. Whether

More information

Powering e-commerce Globally. What Can I Do to Minimize E-Commerce Chargebacks?

Powering e-commerce Globally. What Can I Do to Minimize E-Commerce Chargebacks? Powering e-commerce Globally What Can I Do to Minimize E-Commerce Chargebacks? Chargebacks are not going away. And now there are new rules. Selling products and services online and using credit cards for

More information

Pima Federal Visa Credit Cards Frequently Asked Questions (FAQs)

Pima Federal Visa Credit Cards Frequently Asked Questions (FAQs) Pima Federal Visa Credit Cards Frequently Asked Questions (FAQs) (Effective May 2013) APPLICATION PROCESS Q: Who can apply for a Pima Federal Visa Credit Card? A: Any member of Pima Federal is eligible

More information

USDA: Handling Fraud and Disputes. Deanna Hanson CPS Fraud Support Analyst

USDA: Handling Fraud and Disputes. Deanna Hanson CPS Fraud Support Analyst USDA: Handling Fraud and Disputes Deanna Hanson CPS Fraud Support Analyst Agenda What is fraud? Fraud trends Fraud case lifecycle Fraud and dispute process Tips to prevent fraud 2 Fraud Overview and Trends

More information

Transitions in Payments: PCI Compliance, EMV & True Transactions Security

Transitions in Payments: PCI Compliance, EMV & True Transactions Security Transitions in Payments: PCI Compliance, EMV & True Transactions Security There have been more than 600 million records compromised from approximately 4,000 data breaches since 2005 and those are just

More information

Visa Canada Interchange Reimbursement Fees

Visa Canada Interchange Reimbursement Fees Visa Canada The following tables set forth the interchange reimbursement fees applied on Visa financial transactions completed in Canada. 1 Visa uses interchange reimbursement fees as transfer fees between

More information

PCI Compliance : What does this mean for the Australian Market Place? Nov 2007

PCI Compliance : What does this mean for the Australian Market Place? Nov 2007 Sense of Security Pty Ltd (ABN 14 098 237 908) 306, 66 King St Sydney NSW 2000 Australia Tel: +61 (0)2 9290 4444 Fax: +61 (0)2 9290 4455 info@senseofsecurity.com.au PCI Compliance : What does this mean

More information

EMV A Gated Parking Systems Perspective PIE 2014. March 18 th 2014

EMV A Gated Parking Systems Perspective PIE 2014. March 18 th 2014 EMV A Gated Parking Systems Perspective PIE 2014 March 18 th 2014 EMV & Gated Parking Systems Past practice PCI EMV in Canada NFC Contact & contactless Terminals Certification Support What s next? Past

More information

FIGHTING FRAUD: IMPROVING INFORMATION SECURITY TESTIMONY OF JOHN J. BRADY VICE PRESIDENT, MERCHANT FRAUD CONTROL MASTERCARD INTERNATIONAL

FIGHTING FRAUD: IMPROVING INFORMATION SECURITY TESTIMONY OF JOHN J. BRADY VICE PRESIDENT, MERCHANT FRAUD CONTROL MASTERCARD INTERNATIONAL FIGHTING FRAUD: IMPROVING INFORMATION SECURITY TESTIMONY OF JOHN J. BRADY VICE PRESIDENT, MERCHANT FRAUD CONTROL MASTERCARD INTERNATIONAL Before the Subcommittee on Financial Institutions and Consumer

More information

PCI DSS Compliance Services January 2016

PCI DSS Compliance Services January 2016 PCI DSS Compliance Services January 2016 20160104-Galitt-PCI DSS Compliance Services.pptx Agenda 1. Introduction 2. Overview of the PCI DSS standard 3. PCI DSS compliance approach Copyright Galitt 2 Introduction

More information

FAQ on EMV Chip Debit Card and Online Usage

FAQ on EMV Chip Debit Card and Online Usage FAQ on EMV Chip Debit Card and Online Usage Security enhancement on HSBC India Debit Card A Secure Debit Card HSBC India Debit Cards are more secure and enabled with the Chip and PIN technology? You can

More information

Tokenization: FAQs & General Information. www.tsys.com BACKGROUND. GENERAL INFORMATION What is Tokenization?

Tokenization: FAQs & General Information. www.tsys.com BACKGROUND. GENERAL INFORMATION What is Tokenization? FAQ Tokenization: FAQs & General Information BACKGROUND As technology evolves, consumers are increasingly making their purchases online or through mobile devices and digital wallet applications and their

More information

Enterprise Payments for

Enterprise Payments for Enterprise Payments for Table of Contents I. Introducing CardConnect II. III. IV. Gartner Tokenization Reporting Featuring CardConnect PCI Compliance, EMV & True Payment Security CardConnect for SAP V.

More information

Redwood Merchant Services. Merchant Processing Terminology

Redwood Merchant Services. Merchant Processing Terminology ACH - Automated Clearing House for member banks to process electronic payments or withdrawals. (Credits or debits to a bank account) through the Federal Reserve Bank. Acquiring Bank - Licensed Visa/MasterCard

More information

Arab Bank Cards User Guide

Arab Bank Cards User Guide Arab Bank Cards User Guide 4600900 arabbank.jo A card to suit every lifestyle Coming to you from the largest Arab banking network, Arab Bank Cards entitle you to a host of benefits designed to offer you

More information

AUSTRALIAN PAYMENTS FRAUD DETAILS AND DATA

AUSTRALIAN PAYMENTS FRAUD DETAILS AND DATA Australian Payments Clearing Association AUSTRALIAN PAYMENTS FRAUD DETAILS AND DATA 214 Australian Payments Clearing Association Limited ABN 12 55 136 519 CONTENTS OVERVIEW 1 SECTION 1 Fraud rates 4 SECTION

More information

Platinum and Platinum Rewards Visa EMV Credit Cards Frequently Asked Questions (FAQ s)

Platinum and Platinum Rewards Visa EMV Credit Cards Frequently Asked Questions (FAQ s) Platinum and Platinum Rewards Visa EMV Credit Cards Frequently Asked Questions (FAQ s) What is EMV? EMV stands for Europay, MasterCard and Visa. EMV or chip cards have been in use in Europe for over 20

More information

EMV 101: What small businesses need to know

EMV 101: What small businesses need to know EMV 101: What small businesses need to know DEMETRIOS MARANTIS, Head of Global Policy and Government Affairs OWEN J ENNINGS, Square Business Team June 2015 Cosponsorship Authorization # 15-2050-102. SBA

More information

Global Visa Card-Not-Present Merchant Guide to Greater Fraud Control. Protect Your Business and Your Customers with Visa s Layers of Security

Global Visa Card-Not-Present Merchant Guide to Greater Fraud Control. Protect Your Business and Your Customers with Visa s Layers of Security Global Visa Card-Not-Present Merchant Guide to Greater Fraud Control Protect Your Business and Your Customers with Visa s Layers of Security Millions of Visa cardholders worldwide make one or more purchases

More information

January 25, 2016. Re: Federal Reserve Payments Study-Surveys FR 3066a, 3066b, and 3066d (80 FR 73760)

January 25, 2016. Re: Federal Reserve Payments Study-Surveys FR 3066a, 3066b, and 3066d (80 FR 73760) MERCHANT ADVISORY GROUP 4248 Park Glen Road Minneapolis, MN 55416 952.928.4648 merchantadvisorygroup.org January 25, 2016 Mr. Robert dev. Frierson Secretary, Board of Governors of the Federal Reserve System

More information

Plotting a Course for EMV Compliance

Plotting a Course for EMV Compliance Plotting a Course for EMV Compliance Plotting a Course for EMV Compliance PCI compliance...emv compliance by now, you ve heard repeatedly that your store or restaurant must be EMV-compliant by the recently

More information

Online Payment Processing Definitions From Credit Research Foundation (http://www.crfonline.org/)

Online Payment Processing Definitions From Credit Research Foundation (http://www.crfonline.org/) Online Payment Processing Definitions From Credit Research Foundation (http://www.crfonline.org/) The following glossary represents definitions for commonly-used terms in online payment processing. Address

More information

Processing credit card payments over the internet. The business of getting paid.

Processing credit card payments over the internet. The business of getting paid. Processing credit card payments over the internet. The business of getting paid. X Tap into the vast potential of the Internet today with WIPS Plus. The internet is a huge opportunity for businesses large

More information

EMV FOR U.S. ACQUIRERS: SEVEN GUIDING PRINCIPLES FOR EMV READINESS

EMV FOR U.S. ACQUIRERS: SEVEN GUIDING PRINCIPLES FOR EMV READINESS EMV FOR U.S. ACQUIRERS: SEVEN GUIDING PRINCIPLES FOR EMV READINESS BY PHILLIP MILLER, GUY BERG, JEFF STROUD, AND STEVEN PAESE Acquirer EMV 1 enablement is a critical first step to full chip migration in

More information

Practically Thinking: What Small Merchants Should Know about EMV

Practically Thinking: What Small Merchants Should Know about EMV Practically Thinking: What Small Merchants Should Know about EMV 1 Practically Thinking: What Small Merchants Should Know About EMV Overview Savvy business owners know that payments are about more than

More information

Understanding a Data Compromise and How to Respond. A Communications Guide for Issuers

Understanding a Data Compromise and How to Respond. A Communications Guide for Issuers Understanding a Data Compromise and How to Respond A Communications Guide for Issuers Who Should Use this Guide: Front-Line Marketing, Communications and Product Contacts at Issuing Financial Institutions.

More information

Securing the Payments System. The facts about fraud prevention

Securing the Payments System. The facts about fraud prevention Securing the Payments System The facts about fraud prevention Contents Introduction 3 Visa s Security Programme 4 Fraud Types and Threats 6 Fraud Statistics and Research 7 Visa s Security Agenda for New

More information

Credit/Debit Card Processing Requirements and Best Practices. Adele Honeyman Oregon State Treasury Training Specialist

Credit/Debit Card Processing Requirements and Best Practices. Adele Honeyman Oregon State Treasury Training Specialist Credit/Debit Card Processing Requirements and Best Practices Adele Honeyman Oregon State Treasury Training Specialist 1 What? What do I need to know about excepting credit cards? Who s involved, how it

More information

University Policy Accepting and Handling Payment Cards to Conduct University Business

University Policy Accepting and Handling Payment Cards to Conduct University Business BROWN UNIVERSITY University Policy Accepting and Handling Payment Cards to Conduct University Business Table of Contents Purpose... 2 Scope... 2 Authorization... 2 Establishing a new account... 2 Policy

More information

FUTURE PROOF TERMINAL QUICK REFERENCE GUIDE. Review this Quick Reference Guide to. learn how to run a sale, settle your batch

FUTURE PROOF TERMINAL QUICK REFERENCE GUIDE. Review this Quick Reference Guide to. learn how to run a sale, settle your batch QUICK REFERENCE GUIDE FUTURE PROOF TERMINAL Review this Quick Reference Guide to learn how to run a sale, settle your batch and troubleshoot terminal responses. INDUSTRY Retail and Restaurant APPLICATION

More information