eConsumer Services® CEO Gary Cardone Featured in Website Magazine

EMV Credit Cards: What Merchants & Consumers Need to Know

Gary Cardone, the CEO of eConsumer Services®, was featured in an article discussing the U.S.’s adoption of the chip-and-PIN technology scheduled to take place this October. Merchants and consumers must understand EMV and the impacts it may have.

EMV stands for Europay MasterCard Visa. EMV cards contain microchip technology that stores the cardholders’ personal information and requires a specific PIN number instead of a signature at the point of sale. The intention of chip-and-PIN is to reduce the amount of fraud via payment cards.

The transition to EMV will increase consumer protection, making it more difficult for criminals to use fraudulent cards at the point-of-sale. It can be said that this shift to EMV will cause fraudsters to refocus their efforts on exploiting the ecommerce realm. Currently, over $12 billion a year is lost though card-not-present fraud, where chip-and-PIN technology cannot be used.

It is therefore becoming increasingly important for online merchants in the U.S. to ensure they have strategies in place to protect themselves from the growing threat of fraud once EMV is in place.


Here are some excerpts from the article. To read the article in full, click here.

In October, the U.S. is expected to make its first big leap toward transitioning to EMV (or “smart”) credit cards – some 41 percent of U.S. terminals are expected to be EMV-capable by Oct. 2015 – a move that will decrease fraud and increase consumer protection, but there are some things consumers need to be aware of when making the switch.

Payment processing in the U.S. has been lagging behind the rest of the globe in one major way; EMV. Introduced in Europe less than a decade ago, the United States is finally integrating the chip-and-PIN technology come this October.

Europay MasterCard Visa, commonly known as EMV, is a global technical standard or set of requirements for smart payment devices and cards. Named after the technology’s originators, EMV cards contain a microchip, within which the cardholder’s data is stored. These chips, or integrated circuits, have been designed to protect consumers from fraud at the card present point of sale.“