Chip Card Readers were created by the big four credit card brands (Visa®, Mastercard®, American Express®, and Discover®) to help protect consumers from counterfeit fraudulent card transactions. The big four credit card companies have announced they will implement a "liability shift" from the credit card issuing banks to ATM owners who choose not to adopt Chip Reading compliance rules.
This means every ATM owner/operator must act before fraudulent transactions impact their bottom line...if they haven't already. Predators targeting ATM's without chip card readers are a real threat to your business and it's about to become worse. As of October 1, 2017, ATM owners became responsible for all domestic and International Branded counterfeit ATM transactions.
Currently, card fraud totals $6 billion each year and 66% of that can be attributed to counterfeit card fraud, which will be directly addressed by chip card technology.
The US is actually one of the last countries to adopt chip card transaction processing, yet the total number of cards issued has surpassed all other countries. As a result, chip card reading technology promises to substantially reduce counterfeit credit card fraud nationwide.
We can help you with your EMV Chip Reader needs.