The company launched a new blog, called “Chip Card Insider,” which was launched just two months before the October EMV merchant liability shift goes into effect. The blog aims to be a resource to those who are concerned about the EMV shift, and provides a spot for them to ask questions. OT will also use the blog to review how EMV acts as a more secure technology to manage payment authentication, verification and authorization.
“The transition to chip cards is a complex and necessary step as we leverage the EMV standard to thwart hackers,” said Martin Ferenczi, President for North America at OT. “EMV is helping repair the chinks in the armor exposed to millions of Americans by the Target breach and others that followed. Chip card technology is an absolutely critical layer in a multi-layered approach to security that promises to drastically reduce card-present fraud.”
The liability shift announcement came on behalf of MasterCard, Visa, American Express and Discover to encourage U.S. issuers and merchants to do away with magstripe cards and shift to EMV. Currently, issuers pick up the costs associated with card-present fraud in stores, but following the Oct. 1 deadline, that liability will be shifted to those organizations that chose not to upgrade to EMV. This means that for fraud that occurs when a chip card is used, the merchant will have to pay for the fraud costs, instead of the issuer.
OT currently has three certified EMV manufacturing and service facilities in the U.S., which are part of a network of 7 manufacturing facilities and 40 personalization centers globally. The company serves clients in more than 140 countries.