Mobius Payments Ready for EMV-Compliance Deadline

Mobius Payments Ready for EMV-Compliance Deadline

LOS ANGELES — Big changes are coming to the domestic processing space on October 1, when the major credit card companies, MasterCard, Visa, Discover and American Express, will shift the liability for credit card fraud to merchants that are not EMV-compliant.

EMV-compliant credit cards use an RFID chip and a pin code for better security, and are also known as Chip-and-Pin cards, which are more advanced than the simple magnetic stripe currently used by most cards in the U.S. today.

“In these days of credit card fraud and identity theft, the United States has been behind the game in the prevention of credit card fraud when compared to the rest of the world, in that most credit cards issued in the U.S. continue to use encoded magnetic stripes to hold your data,” explains Mobius Payments CEO Mia Zhu. “These stripes can be scrambled, erased or copied — the data can even be stolen while the credit card remains in your wallet.”

According to the company, Mobius Payments specializes in high-risk merchant accounts in the U.S., EU, and Asia, offering comprehensive, cutting-edge electronic payment processing solutions for products and services. Mobius Payments features a fully secure end-to-end global payment solution supporting all major credit cards, 36 global currencies, a variety of integrated shopping carts, ACH, and a wide range of custom solutions.

Zhu notes that if a retail customer uses a magnetic swipe card and it is a fraudulent transaction, the merchant is not liable, and the card issuer will still be responsible for the loss — but the status quo is about to change.

“If however, the consumer is using a chip card, but the merchant is not using a terminal that accepts the EMV technology — and it is a fraudulent transaction — then the merchant will be found liable because the card issuer invested in the Chip-and-Pin technology but the merchant failed to upgrade to this more secure technology,” Zhu says. “[Although] if a fraudulent transaction is made with a chip card at a chip terminal, then the card issuer is responsible.”

Zhu notes that one good thing about EMV is that in-store credit card fraud is virtually eliminated when both parties are using the Chip-and-Pin technology.

“The fact of the matter is that EMV technology may be new to the United States, but it is the standard pretty much everywhere else in the world, and it will be the standard here soon,” Zhu says. “By the end of 2015, every merchant, ISO/MSP (Independent Selling Organization / Member Service Provider) and bank will have to be prepared to manage this transition because responsibility for fraud can shift from the card issuer to the merchant.”

With these new changes coming to the merchant space, many companies are now wondering if their business is EMV-compliant, and seeking knowledgeable processing partners such as Mobius Payments that can help them achieve this goal of becoming capable of accepting EMV transactions. This includes retail brick and mortar business that use a credit card terminal — as well as companies with a business model that deals solely with online transactions.

“Time is running short,” Zhu concludes. “Mobius Payments is ready today.”

For more information, visit MobiusPayments.com.

Related:  

Copyright © 2024 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

Justices Alito, Thomas Invoke Victorian-Era Morality Law, Raising Censorship Concerns

Several national publications reported this week on widespread concern among Free Speech advocates after U.S. Supreme Court Justices Samuel Alito and Clarence Thomas repeatedly invoked during a hearing the infamous segregation-era law the Comstock Act, which was the cornerstone of U.S. censorship of sexual material from the 1870s until the 1970s.

Skinfluential Management's FansFuel Acquires Fanwire

FansFuel has acquired creator account management tool Fanwire.

Nebraska AV Bill Moves Forward Despite Privacy, Free Speech Concerns

Nebraska’s unicameral Legislature has given first-round approval to LB 1092, the state’s version of the age verification bills being sponsored around the country by anti-porn religious conservative activists.

AEBN Celebrates 25th Anniversary

The Adult Entertainment Broadcast Network (AEBN) is celebrating its 25th year in business this week.

Performers in Meta Blacklisting Lawsuit Seek to Preserve Antitrust Claims

Adult Performance Artists Guild board officers Alana Evans, Kelly Pierce and Ruby have informed a California court that, although they want to drop their lawsuit claiming that Meta conspired with OnlyFans to blacklist rival premium fan platforms’ talent, they may still pursue antitrust claims in the future.

FSC, Co-Plaintiffs to Ask US Supreme Court to Review Constitutionality of Texas Age Verification Law

Free Speech Coalition (FSC) and its co-plaintiffs in the challenge to Texas’ controversial age verification law have petitioned the United States Court of Appeals for the 5th Circuit to stay its recent decision upholding the law, because they intend to appeal to the U.S. Supreme Court to review the law’s constitutionality.

FSC Vows to Fight Florida Age Verification Law

Free Speech Coalition (FSC) has issued a statement vowing to continue fighting Florida’s new age verification law, which was signed by Gov. Ron DeSantis on Monday as part of a comprehensive bill targeting minors’ use of social media.

Kansas Republican Aims to Create New Bureaucracy to 'Investigate' Porn Websites

Republican state legislators succeeded Monday in moving forward Kansas’ version of the age verification bills being sponsored around the country by anti-porn religious conservative activists, despite serious concerns raised by House Democrats about the cost of establishing a new bureaucracy tasked with investigating websites for pornographic content.

SK Intertainment Launches 'Skinfluential Management' Agency, FansFuel Joint Venture

Mr. Skin/Mr. Man parent company SK Intertainment has launched new creator agency Skinfluential Management, as well as a new joint venture with Showbizz Media's creator stats and affiliate marketing platform, FansFuel.

Industry Attorney, Free Speech Champion Clyde DeWitt Passes Away at 75

Noted industry attorney Clyde DeWitt passed away on Friday in Las Vegas at 75, according to friends and colleagues.

Show More