EMV in the U.S. Liability shift; what does this mean for the U.S.?

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1 EMV in the U.S. Liability shift; what does this mean for the U.S.?

2 Questions and answers What the liability shift really means with regards to costs, risks and benefits. Fraud is on the rise in the U.S. A liability shift was announced by the major payment schemes, fuelling the move to EMV. Moving to EMV would, in theory, prevent the U.S. from becoming the primary target of fraudsters. This liability shift directly affects acquirers, issuers and merchants as it relates to fraud. This means that the party, either the issuer or merchant, that does not support EMV, accepts liability for forged card transactions. Since the U.S. liability shift announcement by Visa was made, many papers and articles appeared about this topic. But what does it really mean for the U.S.? UL s transaction security team answers essential questions about what the liability shift really means for issuers, acquirers and merchants with regards to costs, risks and benefits. Q: What is different to the situation in the U.S., compared to the rest of the world? A: There are a few reasons why the situation in the U.S. with regards to the implementation of EMV is unique to other migrations in the world. The largest implication for banks is the high potential for card-present fraud reduction. Card fraud has always been a concern but it was considered manageable; the revenue from card interchange fees was sufficient to cover the losses. The Durbin Amendment and regulation II have changed that equation, as these regulations reduce interchange fees. Card fraud in the U.S. reportedly already costs the card payment industry $8.6 billion a year and industry experts are concerned losses will rise as fraud migrates to the U.S. from EMV-ready countries. Perhaps now more than ever, banks have good reason to evaluate the extent to which embedded smart chips can reduce their losses from card fraud. Losses from card-related fraud are increasing and the smart chip enables more robust cardholder verification to protect against consumer-level fraud, such as forged or lost/stolen cards, for EMV transactions. On a global scale, the total losses from card fraud are steadily increasing. As regions including Europe, Canada and Asia/Pacific continue to mark positive results in the battle against card fraud, the pressure on the U.S. to migrate to the EMV standard becomes stronger. Then there is the U.S. infrastructure; there are many different debit networks. These networks all need to know upfront what page 2

3 their requirements are before starting to invest in new infrastructure to support the EMV implementation. As yet these requirements have not been developed. Implementing new infrastructure without understanding upfront what the requirements are will add major risk to any implementation. Whilst all the above implicates that the US lags behind in technology when it comes to payment transactions, they do have the advantage of being able to learn valuable lessons from other countries that have already implemented EMV. These lessons can help to reduce costs, define scope and ensure a smoother transition to EMV. It also provides the U.S. with the unique opportunity to select EMV configuration options that take advantage of their existing online communications infrastructure. Lastly, it provides the advantage of implementing contactless technology at the same time. As stated by Smart Card Alliance, the U.S. may evolve to a hybrid combination of options to best support venue, transaction type, and compatibility with the rest of the world. Q: What is the cost versus the benefit? A: With every change of infrastructure be it cards, terminals or POS devices an investment cannot be avoided. However, putting fraud-prevention measures in place will pay off in the long run both merchants and acquirers as well as issuers. As an issuer, you can raise your interchange fees a bit if you put fraudprevention measures in place. Another incentive given by the schemes is waiving the Payment Card Industry Data Security Standard (PCI DSS) compliance validation requirements; this to encourage merchants to invest in contact and contactless chip payment terminals. Whilst the initial investment is considerable, implementing EMV chip technology in the U.S. could speed up mobile and contactless payments. The devices that accept EMV chip cards are dual contact/ contactless devices. By installing these devices to accept EMV, merchants are also preparing themselves to accept mobile and contactless payments. This can be seen as a major benefit to an initial costly investment. In a study based on a fictitious bank with 5 million cardholders and average market characteristics, MasterCard Advisors estimated losses could be as high as $25 million if EMV migration is delayed until 2015, rather than starting in It s clear that there is the potential to significantly reduce losses and take advantage of added benefits by migrating to EMV sooner rather than later. And finally, cardholders will also see the implementation of EMV as a huge benefit. With market penetration of EMV technology deployment growing around the world, the magnetic stripe technology becomes more and more outdated. Tens of millions of U.S. cardholders have been inconvenienced abroad over the last few years by being refused to accept their cards and even more by not being served at unattended terminals. Q: What are the risks of not migrating to EMV? A: Delaying migration to EMV may cause an increasing risk of loss, largely due to the Every change of infrastructure requires a significant investment. Reap the benefits of the EMV discussion by choosing a solution that fits a combination of technologies, to ensure you are ready for the future. page 3

4 impact of fraud migrating from countries where EMV deployment is more advanced. Delaying EMV implementation could impact on the rise of US fraud, as well as on the decline of cross-border revenue; fewer merchants in EMV-mature countries will accept cards that are not EMV compliant. Secondly, EMV migration will spark the development and acceptance of additional technologies (e.g. mobile payments) and as a bank or merchant you need to assess what impact this will have on the future. The EMV migration could be a good start to future-proofing your payment solutions. Q: Is EMV going to be here for the next 10 years? A: EMV is a standard towards a more secure payment solution, and has been around for nearly 20 years already. And now, with NFC technology and mobile payments developments, EMV is evolving. EMV is collaborating with the NFC standards organizations on building EMV compliance into NFC payments. EMV technology and mobile payments require similar infrastructure requirements. There could be an increased EMV compliant processing system added to the payment ecosystem across the world, meaning that EMV will probably be here for a long time to come. Q: How should banks/merchants handle the migration to EMV? A: There is a not a specific guide or a set process on how to handle the migration to a new technology. However, understanding some fundamentals is essential. Before getting started, it s always a good idea to educate yourself on the topic you are going to invest time and money in. Merchants, issuers, acquirers and other involved stakeholders need to learn about EMV; including the technical standard, the implementation process and infrastructure requirements. Secondly, it's important to know your options. There are various EMV-compliant card programs that can help you get started. This can include pilot programs that do not fully commit to the infrastructure investment of an in-house bureau; central issuance or instant issuance of EMV-compliant cards; or PIN change and PIN selection. And, it can mean determining what is right for you and your cardholders, such as offering contact, contactless or dual-interface cards. Also ensure to gain a clear understanding on the costs involved when starting an EMV project. This includes everything from infrastructure changes to cost per card. Finally, future-proof your solution by understanding how NFC technology is related to EMV technology. The adoption of a dual-interface chip technology will help prepare the U.S. payment infrastructure for the arrival of mobile payments supported through NFC. Understanding the migration to NFC is important to consider in terms of how NFC technology will evolve in the financial and payment landscape, including the affect it will have on necessary infrastructure to accept certain technologies. Q: What are the timelines and project risks? A: Important deadlines can be found at the end of the document. Apart from that, The approach to successful EMV migration starts with education. Gain an understanding of what EMV is about; know your options; consider costs carefully and future-proof your solution to support mobile payments developments. page 4

5 we have set out the issues to look at when looking to migrate to EMV and contactless technology: 1. EMV and contactless technology have a major impact on the entire acceptance infrastructure and require thorough planning to ensure a smooth migration. Ensure you understand all deadlines set by all major payment schemes and collect their requirements for the EMV implementation. 2. EMV alone is something that requires many hours of training to understand. With contactless and possibly mobile added to this and being different for each of the brands puts more resources required for the training that is needed. Don t overlook the time and investment needed to take in the necessary knowledge. Being well-informed is the first step of a successful technology change. development lifecycle? Do you believe the dates will hold? What type of solution will you support? Will you force reissue all cards by 2015 or use existing reissue schedule? Will you start to reissue when the industry is ready (and potentially miss the liability shift date)? Considerations for merchants: Merchants on the other hand have different questions to consider, if they are still in doubt whether to migrate to EMV. Based on a seven to year POS lifecycle, merchants could take advantage of their existing replacement cycle, if meeting the liability shift date is not critical for them. This is however a risky strategy as it could lead to multiple certification exercises and require support of two different POS systems. Merchants could also deploy hardware in advance of soft/firmware updates (which buys time and ensures hardware is consistent across all locations and allows for same software utilisation), there is a risk that the hardware will be obsolete if software upgrade or hardware deployment takes more than five years. Q: Should we skip EMV and implement mobile technology instead? EMV technology is a core component of mobile payments (based on NFC technology), and can be viewed as a prerequisite for NFC mobile payment adoption. 3. Take testing and certification in consideration as each brand has its own certification process and requirements that need to be adhered to. A robust test plan needs to be in place to enable timely certification of a number of different brands. Taking the time to properly test the infrastructure (both chip and terminal) will eventually proof to be a worthy investment. 4. PCI enhancements including P2PE should be considered in addition to the implementation of EMV and contactless technology to ensure deployed devices will be compliant for proposed PCI changes. Considerations for issuers: As the Canadian payment industry commences its long-term migration to EMV Chip over the next several years, said Global Payments Canada President, Jordan E. Cohen, we are committed to providing our merchants with the most robust and advanced payment solutions in the market. UL's comprehensive testing and certification environment is just one example of how we are facilitating a seamless EMV Chip migration for our customers. When making an educated decision on whether or not to migrate to EMV, issuers may want to askl themselves the following questions: Where are you in the page 5

6 By adopting EMV, much of the work that is required to enable NFC technology is already out of the way - notably the dynamic authentication upon which both technologies are based. The likelihood of mobile payments taking off through the adaptation of NFC technology is much greater as the number of NFC-enabled smartphones (currently on the market and currently in use) and contactless POS terminals are constantly growing. Although we may not be able to predict exactly when NFC-based payments will take off, we can say with certainty that it will happen (also considering the large number of NFC pilots in the world). Preparing yourself for this development early can make market entry easier and cheaper. Considering the similarities in the technologies, the requirements pushed by the schemes and the rest of the world having implemented EMV already, mobile payments will most likely not be the solution to be chosen over EMV, however they are one of the drivers to smarter solutions in a rapidly changing market place. About UL Transaction Security UL is the world leader in advancing safety with over a hundred years of history. Employing more than 10,000 professionals in over 100 countries, UL has five distinct business units - Product Safety, Environment, Life & Health, Knowledge Services and Verification Services - to meet the expanding needs of our customers and to deliver on our public safety mission. Through the acquisition of RFI Global, WItham Laboratories and Collis in 2010 and 2012 respectively, UL is uniquely positioned as the world s number one competence center in transaction security technology. UL acts as your independent, trusted partner for endto-end transaction security services for the mobile, payment, e-ticketing and ID management sectors on a global scale. UL s comprehensive transaction security service line provides advisory services, expert training courses, test tools and simulators, test services and certification and security evaluation services. Our thought leadership, close involvement with leading industry bodies and extensive experience enables UL to keep up with the rapid pace of transaction innovation for years to come. page 6

7 Important dates and deadlines Visa August 9, Visa announced plans to accelerate chip migration and adoption of mobile payments in the U.S., through retailer incentives, processing infrastructure acceptance requirements and forged card liability shift. October 1, 2012 PCI Audit Relief: If more than 75% of merchant Visa transactions originate from EMV-compliant POS terminals that support both contact and contactless transactions, the merchant may apply for relief from the audit requirement for PCI compliance. April 1, 2013 Acquirer Compliance. Acquirers and sub-processors must be enabled to handle full EMV chip data in transactions. October 1, 2015 Counterfeit Card Liability Shift. The party that has made investment in EMV deployment is protected from financial liability for card-present forged fraud losses on this date. If neither or both parties are EMV compliant, the fraud liability remains the same as it is today. October 1, 2017 Counterfeit Card Liability Shift, Automated Fuel Dispensers. This extends the card-present forged card liability shift to automated fuel dispensers. MasterCard January 30, MasterCard announced their U.S. roadmap to enable the next generation of electronic payments, with EMV the foundational technology. October, 2012 PCI Audit Relief: If more than 75% of merchant MasterCard transactions originate from EMV-compliant POS terminals that support both contact and contactless transactions, the merchant is relieved of audit requirement for PCI compliance. April, 2013 Acquirer Compliance. Acquirers and sub-processors must be enabled to handle full EMV chip data in transactions. April, 2013 Cross-Border ATM Liability Shift. MasterCard will extend its existing EMV liability shift program for inter-regional/cross-border Maestro ATM transactions taking place in the U.S. October, 2013 Account Data Compromise (ADC) Relief for merchants. On this date, if at least 75% of MasterCard transactions originate from EMV-compliant contact and contactless POS terminals, the merchant is relieved of 50% of account data compromise penalties. October, 2015 Fraud Liability Shift. MasterCard liability hierarchy takes effect. The party that has made investment in the most secure EMV options is protected from financial liability for card-present fraud losses for both forged and lost, stolen and non-receipt fraud on this date. October, 2015 Account Data Compromise Relief: On this date, if at least 95% of MasterCard transactions originate from EMV-compliant POS terminals, the merchant is relieved of 100% of account data compromise penalties. October, 2017 Fraud Liability Shift, Automated Fuel Dispensers. MasterCard liability hierarchy takes effect for automated fuel dispensers. Discover March 15, Discover announced implementation of a 2013 mandate for acquirers and direct-connect merchants in the U.S., Canada and Mexico, to support EMV. Discover s approach will support all card authentication channels (online and offline), all cardholder verification methods (including both chip and PIN or chip and signature transactions), and all commerce channels (contact and contactless, including mobile). American Express June 29, American Express announced its U.S. EMV roadmap to advance contact, contactless and mobile payments and its plans to begin issuing EMV-compliant cards in the U.S. April, 2013 Acquirer/Processor Compliance. Processors must be able to support American Express EMV chip-based contact, contactless and mobile transactions. October, 2013 PCI DSS Reporting Relief. Merchants will be eligible to receive relief from PCI Data Security Standard (DSS) reporting requirements if the merchants POS acceptance locations, where 75% of their transactions occur, are enabled to process American Express EMV chip-based contact and contactless transactions. October, 2015 Fraud Liability Shift. American Express will institute a fraud liability shift policy that will transfer liability for certain types of fraudulent transactions away from the party that has the most secure form of EMV technology. October, 2017 Fraud Liability Shift, Automated Fuel Dispensers. American Express fraud liability shift takes effect for transactions generated from automated fuel dispensers. page 7

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