Ten Things retailers need to know about EMV

1. EMV stands for Europay MasterCard Visa
2. Credit card fraud in 2013 was estimated at $5.33 billion dollars world wide
3. October 2105 is the mandated date for retailers to be EMV compliant
4. Automated fuel dispensers (Gas Stations) have until October 2017 to be compliant
5. Merchants who decided not to become EMV complaint will be responsible for issuers lose due to fraud.
6. EMV cards will cost banks ten times more than magnetic stripe cards
7. Unlike magnetic swipe cards EMV cards encrypt data and authenticate communication
8. There is also an option for prompting for PIN authentication which will create an additional level of security
9. The US is one of the last non adopters of EMV technology
10. We are the country of choice for fraudsters because we are not EMV compliant