The main benefit EMV chip cards offer is it greatly reduces the amount of fraudulent transactions for card-present transactions. It replaces the magnetic stripe card system of storing and reading data. It is global standard for processing debit and credit card transactions on chip based cards. For greater detail on EMV chip cards – what they are and why they are more secure see below.ĮMV stands for Europay, MasterCard and Visa.
Atm emv card reader upgrade#
I am recommending to all my clients that they upgrade before the dates above. You will have to make this cost/benefit analysis on your own, but the upgrade costs seem relatively low compared to the potential risk to me. This may never happen, but if it does the cost could be substantial and potentially greater than the cost of the whole ATM. What this means is if someone successfully withdraws money from an ATM you operate after those dates using a stolen card and your machine has not been upgraded to an EMV card reader you will be bear the full cost of the fraud. In October 2016 MasterCard switches liability to ATM operators and in October 2017 Visa shifts liability to ATM operators for fraudulent ATM transactions. There are two deadlines you need to know about. You may be wondering if it is worth it and when do I need to upgrade by? The upgraded reader will still read the magnetic stripe for old cards, but will also support the new EMV chip cards. Should you upgrade your ATM card reader to support EMV chip cards? An EMV upgrade for an existing machine will cost you around $300 and an upgrade on a new machine will cost you around $100. You may have heard about the new EMV chip cards coming to the US and how it will affect your ATM.