The Future of EMV, "349 Days and Counting" - Patty Walters, SVP Merchant Products and Security, Vantiv
Fraud migrates very quickly to the weakest link - Patty Walters
New York, NY - Point Roberts, WA - May 26, 2014 (www.investorideas.com newswire) Investorideas.com staff: Investorideas.com, a global news source covering leading sectors issues a report from the recently held Cartes.com conference held May 13- 15th at the mirage hotel in Las Vegas, discussing key themes in payment, identification and mobility.
On May 13 th, Patty Walters, SVP Merchant Products and Security at Vantiv keynoted the conference and talked about the future of EMV noting that as of May 13 th, the U.S. was at 349 days and counting to meet the October 2015 deadlines for migration.
She stated, "It's time for us to migrate to a more secure processing platform. From 2004-2011 counterfeit fraud has increased by 300% . The U.S. has an open flexible system that allows counterfeiting . EMV will help resolve this but it's not the silver bullet.”
She went on to say the US market currently has 511 Million credit cards, 16 independent PIN debit networks and over 11 Million integrated terminals. Today the EMV market consists of 2 Million EMV capable terminals and 8 million EMV cards have been issued.”
Vantiv currently has over 2.5 thousand merchant certificates to complete to meet for the October deadline and obviously has a difficult and challenging task ahead.
She made a point to saying " Unless significant improvements in the certification process occur they would have to hire 200 additional people to complete .”
She reminded the audience that fraud quickly migrates to the weakest link.
She left the audience with a very clear message that this was and is a daunting challenge for the US payment industry and will not be easily accomplished.
EMV stands for Europay, MasterCard and Visa, a global standard for inter-operation of integrated circuit cards (IC cards or "chip cards") and IC card capable point of sale (POS) terminals and automated teller machines (ATMs), for authenticating credit and debit card transactions.
http://www.cartes.com/ Las Vegas May13-15
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