Take the EMV Quiz!
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If you’re a payments pro and need a quick brushing up on the United States’ move to EMV, or are a merchant looking to flex your knowledge, take our quiz to see how you measure up.
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You’re chip card smart!
For more information on the upcoming EMV fraud liability shift and resources and best practices to assist with the migration to EMV, please visit http://www.DiscoverNetwork.com/chip-card.
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So close…
For more information on the upcoming EMV fraud liability shift and resources and best practices to assist with the migration to EMV, please visit http://www.DiscoverNetwork.com/chip-card.
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YOU ARE NOT PREPARED!
For more information on the upcoming EMV fraud liability shift and resources and best practices to assist with the migration to EMV, please visit http://www.DiscoverNetwork.com/chip-card.
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Question 1 of 6
1. Question
When is the EMV Fraud Liability Shift?
Correct
Today, if a lost, stolen, or counterfeit card is used at the point-of-sale (POS), the issuer bears the responsibility for the fraudulent activity in most cases. To encourage the adoption of EMV, the United States’ move to chip cards is driven by the EMV fraud liability shift, effective October 2015. For automatic fuel dispensers, the shift doesn’t take place until October 2017.
For more information on the upcoming EMV fraud liability shift and resources and best practices to assist with the migration to EMV, please visit http://www.DiscoverNetwork.com/chip-card.
Incorrect
Today, if a lost, stolen, or counterfeit card is used at the point-of-sale (POS), the issuer bears the responsibility for the fraudulent activity in most cases. To encourage the adoption of EMV, the United States’ move to chip cards is driven by the EMV fraud liability shift, effective October 2015. For automatic fuel dispensers, the shift doesn’t take place until October 2017.
For more information on the upcoming EMV fraud liability shift and resources and best practices to assist with the migration to EMV, please visit http://www.DiscoverNetwork.com/chip-card.
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Question 2 of 6
2. Question
What are the benefits of accepting chip cards?
Correct
Excellent!
Chip cards are difficult to counterfeit because of an embedded microchip that exchanges unique, dynamic data with an EMV-enabled-terminal each time it’s used. The United Kingdom saw a drastic 72% reduction in card-present fraud since it moved to chip cards. While EMV-ready merchants in the U.S. may also experience less card-present fraud, online and omnichannel merchants may want to look ahead at securing the card not present space.
For more information on the upcoming EMV fraud liability shift and resources and best practices to assist with the migration to EMV, please visit http://www.DiscoverNetwork.com/chip-card.Incorrect
Oh no!
Chip cards are difficult to counterfeit because of an embedded microchip that exchanges unique, dynamic data with an EMV-enabled-terminal each time it’s used. The United Kingdom saw a drastic 72% reduction in card-present fraud since it moved to chip cards. While EMV-ready merchants in the U.S. may also experience less card-present fraud, online and omnichannel merchants may want to look ahead at securing the card not present space.
For more information on the upcoming EMV fraud liability shift and resources and best practices to assist with the migration to EMV, please visit http://www.DiscoverNetwork.com/chip-card. -
Question 3 of 6
3. Question
If a merchant is not EMV-enabled and cannot accept chip cards, after October 2015, who is liable for fraud?
Correct
Excellent!
The October 2015 deadline for the EMV Fraud Liability Shift means that new rules will go into effect around the financial liability for fraud losses, depending on which party has implemented the least-secure technology. This financial responsibility could be placed on merchants, merchant acquirers, or issuing banks/financial institutions, if they are not EMV-enabled, but if all parties are EMV-enabled, the liability typically stays with the card issuer. These liability rules are in place to drive swift adoption of chip cards, which are safer and more secure than traditional magnetic stripe cards when used in a “face-to-face” card-present environment.
By supporting EMV-enabled terminals, merchants and acquirers can avoid EMV liability for counterfeit fraud when processing an EMV transaction. By supporting EMV-enabled terminals that accept Chip and PIN cards, merchants and acquirers can avoid liability for lost and stolen card transactions.
If both the terminal at the merchant and card issued are EMV-enabled, the EMV FLS policy does not determine the liability and existing dispute rules may apply.
For more information on the upcoming EMV fraud liability shift and resources and best practices to assist with the migration to EMV, please visit http://www.DiscoverNetwork.com/chip-card.Incorrect
Oh no!
The October 2015 deadline for the EMV Fraud Liability Shift means that new rules will go into effect around the financial liability for fraud losses, depending on which party has implemented the least-secure technology. This financial responsibility could be placed on merchants, merchant acquirers, or issuing banks/financial institutions, if they are not EMV-enabled, but if all parties are EMV-enabled, the liability typically stays with the card issuer. These liability rules are in place to drive swift adoption of chip cards, which are safer and more secure than traditional magnetic stripe cards when used in a “face-to-face” card-present environment.
By supporting EMV-enabled terminals, merchants and acquirers can avoid EMV liability for counterfeit fraud when processing an EMV transaction. By supporting EMV-enabled terminals that accept Chip and PIN cards, merchants and acquirers can avoid liability for lost and stolen card transactions.
If both the terminal at the merchant and card issued are EMV-enabled, the EMV FLS policy does not determine the liability and existing dispute rules may apply.
For more information on the upcoming EMV fraud liability shift and resources and best practices to assist with the migration to EMV, please visit http://www.DiscoverNetwork.com/chip-card. -
Question 4 of 6
4. Question
True or False – My current magnetic stripe terminal will not accept chip-enabled cards.
Correct
Great!
Magnetic stripe-only terminals can process the magnetic stripe of the chip card, however, the transaction is not a chip transaction and will not provide the additional security benefits EMV offers. Additionally, if the transaction is fraudulent, the liability will shift to the merchant.
In order to accept chip cards, merchants may need to update the terminal application or their EMV-capable terminals or upgrade their current terminal to an EMV-enabled one. Reach out to your payment provider to understand the steps you need to take to ensure you protect your business from counterfeit fraud.For more information on the upcoming EMV fraud liability shift and resources and best practices to assist with the migration to EMV, please visit http://www.DiscoverNetwork.com/chip-card.
Incorrect
Nope!
Magnetic stripe-only terminals can process the magnetic stripe of the chip card, however, the transaction is not a chip transaction and will not provide the additional security benefits EMV offers. Additionally, if the transaction is fraudulent, the liability will shift to the merchant.
In order to accept chip cards, merchants may need to update the terminal application or their EMV-capable terminals or upgrade their current terminal to an EMV-enabled one. Reach out to your payment provider to understand the steps you need to take to ensure you protect your business from counterfeit fraud.For more information on the upcoming EMV fraud liability shift and resources and best practices to assist with the migration to EMV, please visit http://www.DiscoverNetwork.com/chip-card.
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Question 5 of 6
5. Question
Who is required to accept chip cards?
Correct
Great!
Though the EMV fraud liability shift was initiated by payment networks to encourage the adoption of EMV, merchants are not required to accept chip cards.
If a merchant is unable to process chip card transactions because they are not EMV-enabled, the merchant or acquirer could be liable for card fraud that might have been prevented with more secure technology.
For more information on the upcoming EMV fraud liability shift and resources and best practices to assist with the migration to EMV, please visit http://www.DiscoverNetwork.com/chip-card.Incorrect
Whoops.
Though the EMV fraud liability shift was initiated by payment networks to encourage the adoption of EMV, merchants are not required to accept chip cards.
If a merchant is unable to process chip card transactions because they are not EMV-enabled, the merchant or acquirer could be liable for card fraud that might have been prevented with more secure technology.
For more information on the upcoming EMV fraud liability shift and resources and best practices to assist with the migration to EMV, please visit http://www.DiscoverNetwork.com/chip-card. -
Question 6 of 6
6. Question
True or False – All consumers understand how to use chip cards.
Correct
Nice!
As merchants shift to EMV, consumers may experience confusion at the point-of-sale. To help ensure a smooth checkout experience, employee training helps keep EMV top-of-mind as they guide the consumer through checkout.
The process in educating consumers and employees can be a huge task in and of itself. The more prepared we are, the smoother the transition will be. Take advantage of the resources that Discover has put together for employee education at http://www.DiscoverNetwork.com/chip-card.Incorrect
Nope…
As merchants shift to EMV, consumers may experience confusion at the point-of-sale. To help ensure a smooth checkout experience, employee training helps keep EMV top-of-mind as they guide the consumer through checkout.
The process in educating consumers and employees can be a huge task in and of itself. The more prepared we are, the smoother the transition will be. Take advantage of the resources that Discover has put together for employee education at http://www.DiscoverNetwork.com/chip-card.
