How an EMV Upgrade Helps Protect Consumers from Skimmers
Just because the requirement for EMV compliance for gas stations and convenience stores was extended does not mean it’s a good idea for you to wait until the last minute to upgrade. In fact, there are some very good reasons why you should implement an EMV upgrade right away.
Physically Protects Against Skimmers
The most obvious way EMV readers protect consumers is by making it physically harder for fraudsters to attach skimmers to the readers. When we were all using the magnetic strips on our credit cards, fraud was rampant because it was so easy to insert a skimmer onto the card reader, giving fraudsters access to all the data on that card.
But because the chip readers require inserting the card into the terminal, it’s much harder for fraudsters to install anything that can give them access to that information.
The magnetic strips on credit cards contain information that never changes and is powerful enough to give anyone with access to that information the ability to drain accounts and even take out loans in the name of the person who owns the credit card. By contrast, chip-enabled cards create a unique transaction code for each purchase, meaning anyone who manages to hack that particular transaction, doesn’t have the ability to make other purchases with that information. As an additional security measure, the data that goes through credit card chips is encrypted, meaning anyone who manages to steal the information will have a harder time being able to use it.
Why Make the Switch?
EMV compliance isn’t just about upgrading your terminals to protect yourself from liability, it’s also about protecting your customers from people who are trying to steal their information, and when you put your customers first, they’ll reward you by shopping with you more. With gas stations and convenience stores being the only outlets left with terminals that are not yet EMV compliant, fraudsters have started targeting them more frequently, and consumers have responded by becoming increasingly wary of gas station terminals and learning to look for skimmers. When they see EMV compliant terminals, they’ll be more likely to shop there, knowing their information is secure.
The other side of the coin is that upgrading is expensive, especially because it often means replacing the entire pump. If you need help getting financing to get your gas station to EMV compliance, we at Patriot Capitol can get you what you need.