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Delaying EMV Migration Risks Significant Losses for U.S. Issuers

April 4, 2013 | By | No Comments

U.S. card issuers who delay migration to EMV face a rapidly increasing risk of loss, largely due to the impact of fraud migrating from countries where EMV deployment is more advanced. U.S. issuers should begin to make preparations now.

The U.S. is lagging ever further behind the rest of the world in EMV adoption. The cost of EMV migration is high – for the U.S. it has been estimated at between $5 and 13 billion. But the risks associated with delaying migration are growing, and without EMV deployment the U.S. payments industry could be hit with two major impacts. First, counterfeit fraud in the U.S. will rise as EMV chip cards continue to replace magstripe-only cards. Second, cross-border revenue will decline as fewer merchants in EMV-mature countries accept cards that are not EMV compliant.

Issuers can mitigate against these impacts with a combination of EMV card deployment and the global payment brands’ liability shift policies, which mainly come into effect in 2015.

Interac® debit card fraud plummets to lowest level on record Losses down 73 per cent in last three years

April 4, 2013 | By | No Comments

Toronto, Ontario, March 5, 2013–Interac Association reported today that Interacdebit card fraud losses, as a result of skimming, are the lowest on record since 2003–decreasing to $38.5 million in 2012 from a high of $142 million in 2009. This represents 0.012 per cent of domestic Interac debit card volume and the lowest volume of fraud losses since data were recorded in 2003. Further, the number of cardholders reimbursed fell to 93,800 in 2012 from 238,000 in 2009. Cardholders are protected from losses under the Interac Zero Liability Policy*.

Tips Coming to V2POS Payment Processing Interface

March 15, 2013 | By | No Comments

We are currently working on the Tips of Gratuity interface for V2POS allowing customers to add tips at the time they are processing their credit and debit transactions.  V2POS will allow the retailer to activate the Tips feature through a function on the Options Menu from the POS. The Sales receipt and Cash Out Reports will indicate the tip totals as required.   It is estimated that the Tip Feature will be available before March 30, 2013.