Compliance: MasterCard Favours US ATMs EMV Migration
MasterCard is expanding its US EMV migration roadmap to encompass all MasterCard affiliated products used to initiate ATM transactions.
As the adoption of the international standard is making progress in the US, the network announces it will amend its policy regarding ATM transactions as of October 2016, following the publication of its overall schedule presented last January.
As the liability shift hierarchy will be introduced for ATM transactions, fraud-related losses are to impact the least compliant parties. The network then warns its issuers, acquirers, and independent ATM networks of the necessary upgrades.
Source: MasterCard press release
According to Aite Group, the cost of card fraud in the US could
reach 8.6 billion dollars every year. The security of mag-stripe cards
is still especially debated, and all major networks are now moving to
EMV (see August 2011, as well as February and March 2012 Insights). All
payments players are concerned: merchants, issuers, acquirers, etc.
are especially enthusiastic; NCR and Diebold for instance try to have
the solutions selected. Nevertheless, according to Aite Group, the
upgrade would cost roughly 2,000 dollars per ATM, which might not help
third-party networks with large estates make the necessary investment.
May, MasterCard called for joint efforts from all stakeholders in the
payments industry to fight fraud, and founded a multi-sector group to
focus on the US EMV migration.
Meanwhile, G&D also
praises EMV and is committed to helping industry players launch new
compliant products. To this end, the manufacturer has just joined the
Smart Card Alliance’s EMV Migration Forum.