Avoid Liability for Credit Fraud

Clearwater, Florida – On October 1st of 2015, all businesses involved in credit card transactions were required to be EMV compliant. This list includes the banks, merchant service providers, and any business accepting credit cards. If not, they could be found liable for any card fraud traced back to their organization. Smartwerks® point of sale software is a cost effective way retailers can limit the liability of credit card fraud for their customers through EMV compliance. In 2009, credit card fraud cost businesses and consumers over $190 billion. Over the past seven years, credit card fraud has doubled. And, in 2014, 31.8 million U.S. consumers experienced card fraud, tripling the amount of cases reported in 2013. The staggering increase and high-profile security breaches in data at major retailers prompted the changes needed to stem the growth of fraud. The magnetic stripe on credit cards was invented in 1960. The mid-20th century technology fails to keep hackers and thieves, who are using 21st century technology, from stealing financial information. Magnetic stripes allow criminals easy access to important financial and personal information.Prior to smart card technology, a stolen card is easy to use in person or online. A thief can swipe and go to the next store without any alerts or indications of a stolen card. With magnetic stripes, the bank account information had no unique identifier or encryption during a transaction.Cards with chip-in technology assign a token that changes with each transaction. Each transaction becomes an individual event with a specific number, or token, attached to it. The token is different for each transaction. If a thief was to try to use the stolen token, their fraudulent transaction would be declined.

Much of Europe and other nations throughout the world have adopted smart-chip technology several years ago. The use of the embedded chip changes the way information is exchanged.

So far, all of the major banks have issued smart cards to their customers. The task of implementing the latest technology has been difficult for retailers. Costs related to smart-card system upgrades has been too much for many small businesses, leaving them open to major liabilities for fraudulent credit card activity. These challenges prevent many small store owners from competing with larger retailers, putting them at an unfair disadvantage.

Smartwerks point of sale software is working with RUPractical Business Solutions, a nationally recognized merchant service provider, to offer point of sale EMV compliance. “This gives our customers added piece of mind,” said Patrick Kunish, Smartwerk’s Director of Sales. “It’s an all-inclusive package that reduces their liability to fraud, which can sometimes reach into the thousands of dollars.”

Smartwerks’ technology provides customers with solutions for multiple locations and access to data from anywhere, which is defining the future of POS. Smartwerks and sister company TylerNet have provided POS solutions for over 30 years to a variety of retail industries. Their promise of a stable and robust POS software is a promise retailers need, because every minute their POS is down means lost revenue. They also have a five-star rated customer service center to assist customers and prospective clients.

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