What Fuel Retailers Need to Know about EMV Liability for POS Systems and Automated Fuel Dispensers
In the wake of high-level data breaches and pervasive credit card fraud, beginning in 2015, liability for fraudulent credit card purchases is shifting to retailers who have not deployed EMV credit card reader technology. The deadline to update retail fuel POS systems was October 2015. Outside automated fuel dispensers need to be upgraded by October 2020.
EMV, which is an initiative between EuroPay, MasterCard and Visa, is a global technology standard adopted by the major credit card companies to govern the rules regarding the acceptance of “chip cards,” at both POS and in-dispenser payment terminals. Chip cards have an embedded microchip that offers enhanced security, making them less susceptible to fraud. Although the U.S. EMV conversion has proven to be a bit of a moving target, the experts at Source North America remain steadfast in their commitment to delivering the solutions and services that retailers need to meet the liability shift deadlines.