Retailers Fighting To Get More Secure Chip-And-PINMiCamp Solutions
There is a new fight surfacing related to the ongoing battle for EMV implementation across the United States. It’s one being led by retailers, like Home Depot and Walmart, against the major card companies. Retailers want to process EMV debit transactions using the more secure chip-and-PIN methodology as opposed to chip-and-signature. Transactions that require a PIN are typically more secure, as the individual using the card must know the four-, six-, or eight-digit PIN number, as opposed to simply signing a receipt.
Many retailers are now filing lawsuits against companies like Visa and Mastercard, claiming that the card companies are hindering retailers’ efforts to implement the most effective EMV security. Specifically, they claim that card companies are putting customers’ data at risk by continuing to issue chip-and-signature cards and allowing customers to choose the signature option at checkout. Mastercard spokesman Seth Eisen responded that, “Regardless of how the cardholder’s identity is confirmed, the chip makes data much more secure, rendering it almost useless to create fraudulent cards or transactions.” EMV cards are harder to counterfeit, but it’s easier for criminals to forge a signature than it is to predict a cardholder’s PIN.
Retailers speculate that the card companies prefer chip-and-signature because the major card brands have the potential to make more money in processing fees on transactions using signature verification.
Ultimately, there needs to be cooperation across the board for EMV implementation to be successful. The card companies should help protect consumers by issuing secure chip-and-PIN cards. And retailers need to make sure that they have EMV-compliant point-of-sale (POS) systems with layered security to protect that consumer data.
If you’re a retailer looking for a secure EMV solution to fit seamlessly into your existing POS system, protect your business with MiPoint. MiPoint is a PCI-certified and EMV-compliant solution that features the layered security of EMV, end-to-end encryption, and tokenization – leaving nothing in your environment for criminals to steal.