Now that 2020 has started it is amazing how many fueling stations have not implemented EMV at their dispensers. The fundamental technology is very well know and understood a this point in time because point of sale systems have implemented EMV at indoor retail establishments all over the country. All grocery stores, restaurants, and hotels all seem to be on boards with the EMV movement. A study released by Visa Inc. (NYSE:V) in 2018 showed that counterfeit credit card fraud dropped by as much as 75% from December 2015 to March 2018, thanks to the introduction of EMV chip-embedded credit cards. Personally, I have not talked to anyone who hasn't had their card replaced in the past two years because of fraud or a least suspected fraud. In December of 2019 Visa issued the following summary, "In summer 2019, Visa Payment Fraud Disruption (PFD) identified three unique attacks targeting merchant point-of-sale (POS) systems that were likely carried out by sophisticated cybercrime groups. Two of the attacks targeted the POS systems of North American fuel dispenser merchants. PFD recently reported on the observed increase of POS attacks against fuel dispenser merchants, and it is likely these merchants are an increasingly attractive target for cybercrime groups. Track 1 and track 2 payment card data was at risk in the merchant’s POS environments due to the lack of secure acceptance technology, (e.g. EMV® Chip, Point-to-Point Encryption, Tokenization, etc.) and non-compliance with PCI DSS. The activity detailed in this alert highlights continued targeting of POS systems, as well as targeted interest in compromising fuel dispenser merchants to obtain track data."
So, how do you get EMV implemented at your store? Verifone, NCR and all of the POS vendors have roadmaps and implementation guides to get you up and running. Preventing crime and fraud will always be a moving target and evolving but, with EMV the industry is putting into place far more sophisticated systems for tracking and controlling financial transactions that will go far beyond just the EMV chip itself. 2020 is the year! Let's all make filling up a safer purchase for everyone, get EMV now!