The payments industry has voiced for some time the importance of becoming EMV compliant and the consequences of delaying implementation. The arrival of EMV has decreased the amount of fraud at the point of sale for card-present transactions, proving to be a valuable solution for merchants. However, because of the increased security in stores, hackers are now looking online for opportunities to capture credit card information for fraudulent purposes.
Within the digital world, the credit card number, expiration date, and the Card Verification Value (CVV) are the only forms of information needed to process transactions. Chip card technology does not apply, as EMV is only applicable for in-store, card-present transactions. This makes online payments a prime target for fraudsters.
Many ISVs are now evaluating their online payment strategy to ensure it’s as secure as possible. It’s now time to update payment solutions to prevent the impending rise of e-commerce fraud for your customers. The best way to fight this online threat is by integrating security and payment solutions within the next few months.
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