The EMV Deadline: A Challenge AND An Opportunity

By David Dorf, Senior Director, Technology Strategy, Oracle Retail

The October 2015 EMV deadline is looming. How can retailers who haven’t prepared get up to speed, and realize benefits in the process?

For years, US banks have continued to issue magnetic-stripe cards while the rest of the world has adopted more-modern “chip cards.” These Europay, MasterCard, and Visa (EMV) chip cards contain a computer chip that can transfer data and perform cryptology that’s used to better secure data. Now Visa and MasterCard are ratcheting up the pressure on retailers to accommodate these new cards, which increase security in a number of ways.

• They make it more difficult to copy and counterfeit credit cards.
• The card and terminal can authenticate each other.
• Banks can continue to require a signature or instead require a PIN, which is much more secure.

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