EMV technology consists of strong cryptography, both symmetric and asymmetric, as well as elaborate key management to ensure that every transaction maintains its integrity. An important aspect of EMV is that it involves dynamic digital data in every unique transaction, making it extremely secure, in turn preventing fraudulent activity.
Effective as of October 2015, both VISA and MasterCard have set liability deadlines, subsequently the party that is responsible for a chip-on-chip transaction not occurring (either issuer or merchant) will be financially liable for any pursuing card-present fraud losses.
United States is the last major hold-out for implementing the otherwise global standard.
There are two components to the EMV initiative that OmniSafe is involved in:
The next “big thing” in the financial and retail industry is Instant Issuance. Financial institutions have concluded that credit/debit cards that are instantly issued are more likely to be used immediately, eliminating postage delivery and activation delay. Known in the industry as “top of wallet cards”, instant issued cards are 25% more likely to be used instantaneously generating immediate revenue for their respective financial institutions.
OmniSafe has partnered with Matica to offer our clients the best the card printing world has to offer. The new Matica S3000 with its slick design and finish, was developed with Instant Issuance in mind.