“If you want total security, go to prison.”
– Dwight D. Eisenhower
The shift of financial liability to merchants for those fraudulent POS card-present transactions not processed via EMV-enabled equipment will occur October 1, 2015. As consumers have become increasingly aware of the fragile nature of data security, they have become more concerned about how their personal information is protected, and electronic payments are a case in point. As a result, financial institutions and merchants alike are now placing the economics of adjusting to EMV aside, in favor of protecting their customers.
Some merchants may be hard-pressed to avoid the deluge of last-minute requests to purchase new EMV-capable equipment and software by the deadline, and will incur liability. Merchants uncertain about how to proceed might best benefit now by deciding to educate themselves about EMV, by simplifying available information, by engaging the issues, by identifying the choices, and by acting quickly to protect everyone’s interests.1
A PROCESS OUTLINE
Necessary changes to priorities, policies, or how work is performed may be in order, and a structured change program that defines the need for change, envisions the future, assesses the present situation, and plans for implementation can facilitate transition to a safer payments environment.2
1 “Flawless Consulting,” Peter Block; University Associates.
2 “Organizational Transitions,” Beckhard & Harris; Addison-Wesley.