ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr In 2012, counterfeit charges cost financial institutions $3.4 billion and merchants $1.9 billion.1 In an effort to reduce fraud, banks and credit unions have started issuing EMV cards. If this term is new, EMV stands for Europay, Mastercard, and Visa, and it’s also known as a chip card. EMV cards are more secure than regular credit or debit cards. This is because they produce a different one-time use code for each terminal transaction. They also require a signature, known as chip-and-signature, or the consumer’s PIN, known as chip-and-PIN.EMV cards are gaining momentum in the United States. This is largely due to hackings at stores like Target and Home Depot where customer information was stolen. Since more Americans are shifting to EMV cards, it’s important to know how these chip cards will affect financial institutions.EMV and Financial InstitutionsLet’s start with who’s responsible when a fraudulent charge occurs on a credit card at terminals, the merchant or the financial institution. As of October 1, 2015, the party who does not have chip-enabled technology, like a chip-enabled terminal for merchants and chip cards for banks and credit unions, will be responsible for reimbursing the fraudulent charges. However, if both the merchant and bank or credit union have chip-enabled technology, then the bank or credit union is responsible and must reimburse the fraudulent charges.1 continue reading »
Asante Kotoko return to the domestic competition as they continue their title defence and chase the top in the Glo Premier League.The Kumasi derby on Wednesday against King Faisal will test the Porcupine Warriors’ push for the top after their impressive outing in the Caf Champions League.On the other hand, it will determine Faisal’s hopes of moving out or remaining in the relegation zone for another week.The game at the Baba Yara Stadium will be Kotoko’s first of two outstanding matches in the league as they are seven points adrift the summit.In another outstanding match on Wednesday, New Edubiase will be at the Agyemang-Badu Park where they take on home team, Aduana Stars.