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ATMs are an important component of the move to EMV chippayment technology in the U.S.
In the past, ATM owners in general didn’t have muchincentive to move to chip technology for fraud prevention. ATMs’ always-online authorization,coupled with the use of a PIN, and relatively stronger security, havehistorically resulted in lower levels of fraud compared to the retail point ofsale.
Today, there is more of an incentive with the rapidincreases in ATM fraud rates from magnetic stripe skimming, combined with PINcapture via shoulder-surfing, pinhole cameras and false fronts. Additionally,MasterCard and Visa have published fraud liability shift dates that directlyapply to ATM owners. Some debit networks, too, have implemented liability shiftdates; ask the network(s) supported about their policies. If ATM owners do notchange to chip technology by the designated dates, they could risk taking onadditional fraud liability.
Whilethe impending liability shift deadlines related to EMV rollouts are still inthe future, time is marching on for owners and deployers of POS devices andATMs. And the recent spate of security breach events will likely accelerateconsumers’ awareness of, and interest in, a movement toward EMV. Financial institutions and other industrystakeholders should ensure that EMV planning is top-of-mind, including how andwhen to deploy ATM EMV-ready solutions.
Overview by Ed O’Brien, Director, Banking Channels for Mercator Advisory Group
Read full story at PaymentSource