October 2015 was the start of required EMV transitioning for most merchants in the United States. Some exempt merchants, including gas stations, have until December 2017 for compliance. MasterCard is reporting that with about 40% of all Us merchants having switched over to EMV, they have seen a drop of credit card fraud in the area of 54% in the last 11 months. That number can only go up as more merchants adopt the EMV technology for their businesses.

Conversely, fraud costs among those merchants who have not upgraded to the EMV technology, have seen an upswing of 77% over this time last year. The crooks, and hackers know who is not compliant and they are taking advantage of this situation as long as they can. Brian Riley, director of the Credit Advisory Service with Mercator Advisory Group, said: “Payment cards are an essential part of commerce; EMV requires a change to the customer experience as the industry shifts from swipe to chip.

There is no doubt chip cards will curtail fraud, and it is exciting to see enhancements at the point of sale that will propagate usage, reduce friction and accelerate transaction time.”

Remember, using EMV cards will not prevent all types of fraud, you still have to be on guard, but it will cut down on the majority of fraud resulting from breeches of data, and those devices that skim from the outside of Atm’s. Card holders still have to remain very aware of their personal data, malware attacks on their personal computers and phishing schemes through email. Never open an email that you are not sure of the sender, and do not open unfamiliar links. This can lead to serious loss of data and personal income if you are not vigilant.

That being said, EMV processing is not the way of the future, it is here now. It is a requirement of all small businesses, and will, in the long run, save your business time, energy, and money if you start using immediately.

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