EMV Chips in the Business World
Identity theft has become a major threat in our highly advanced world of technology. Magnetic strip credit cards have recently been replaced by a more advance technology created by Europay, MasterCard, and Visa, titled EMV Chips. They have become the new standard in today’s payment methods. The purpose of the new chips was increased security through every single transaction customers made. For every single transaction made, a code is created. The code will never be duplicated or used for another transaction, thus making it harder for theft to occur. The United States is one of the last countries to implement this new technology into its commerce. Businesses must now become EMV compatible, which means changing some of their business practices. The costs of the new technology, as well as, the burden of transitioning liability for businesses who do not choose to become compatible has caused discussion on whether this new technology is going to be effective. Some fraudulent people have already figured out how to create theft with the new chips. The businesses that do become EMV compatible strengthen their relationships with customers and build trust. Although theft and fraud cannot be removed completely from the world of commerce, these new chips can drastically reduce them, making it more difficult for criminals to break the law.
BUS 360 Management of Information Systems
Steven Schmidt
Banquet Room
10 AM – noon