While chip cards aren’t foolproof, retailers that wait to switch to chip reader terminals are opening themselves up to increased fraud risk and responsibility. consumers as of August 2017, according to estimates by U.S. Some 855 million chip cards had been issued to U.S. has been good news for banks and merchants, with credit card fraud dollars dropping by 75% from December 2015 to March 2018 for merchants who have made the change, according to a study released by Visa.Īdoption of such cards was swift. The transition to EMV chip cards in the U.S.
That makes the likelihood of fraud much higher. After the smart chip communicates to the card processor to verify and authenticate purchase and availability of funds, the transaction is processed.īy contrast, magnetic strip cards don’t encrypt essential information, such as account number, name and expiration date. This helps obscure the purchaser’s actual credit card number during the purchasing process.
The chip in the card creates a unique transaction code that cannot be used again. It is the global standard for chip-based transactions. Why EMV Cards Reduce FraudĮMV stands for Europay, Mastercard, Visa. It’s now time for similar equipment to be introduced to minimize the effect of fraud.ĮMV cards have proved their value over the last three years and are an essential part of keeping your business and your customers secure. Luckily, there are now apparatus like Carnation counters that can identify counterfeit bills and protect businesses from being frauded. has seen the same thing happen with cash too.
marketplace with the promise of cutting down on what was then $21.86 billion in credit card fraud globally, according to the Nilson Report. However, in 2015, a new form of cards embedded with EMV-chips entered the U.S. The process was quick and straightforward - but it wasn’t the most secure method, and fraud was common.
Brand Promotionīrand promotion is empowered by a crisp color graphic display, software customization and hardware personalization options (top casing, printer cover flap or lens). All Connectivity & CommunicationĮquipped with an unparalleled array of communication technologies such as high speed modem, Ethernet, GPRS or 3G, the iCT 220 delivers anytime, anywhere connectivity. Large keys, power buzzer and visual indicators speed transactions and reduce PIN entry errors. The backlit keypad and color LCD display make PIN entry and menu navigation easy and intuitive.
Designed for MerchantsĪmong the world’s smallest and lightest devices, the iCT 220 is designed for easy handling and robust daily use. Offering EMV chip & PIN, magstripe & NFC/contactless payment, the iCT 220 also enables new NFC couponing and wallet applications. The optional PIN privacy shield provides additional PIN entry confidentiality. The iCT 220 meets the highest security requirements and is PCI PTS 2.x and 3.x certified with SRED and Open protocol modules. All iCT220 functions – from payment processing and receipt printing to settlement reporting and brand enhancement programs – operate flawlessly from a single piece of equipment. ICT220-01P1218F EMV-Enabled Terminal & Printer Internal PINpad Dual Com Dial-up and Ethernet Mono Display Lightweight, stylish and self-contained, the iCT220 will give your merchant customers the freedom to accept all types of electronic card payments without requiring a cash register or POS system interface. Ingenico ICT 220 DC EMV Credit Card Terminal - Bundleīundle version includes 12 month supply of printing paper and ink.