Knowing that fraudsters will target those unprepared to handle EMV chip cards when the liability shift takes place Oct. 1, payment processor Elavon has developed a data security package to protect small businesses.
Safe-T Security Solutions will provide small merchants with a layered security approach with EMV technology, data encryption and tokenization in one platform, Elavon stated in a Sept. 29 press release. Elavon is a unit of U.S. Bancorp.
Elavon is stressing easy implementation of Safe-T Security as a key for small merchants, with the busy holiday shopping season beginning soon after the liability shift. Small businesses are also lagging larger businesses in migrating to the EMV standards.
“Small businesses are the core of our economy, but they may also be more at risk when it comes to credit card fraud and data breaches,” Lori Haakmeester, North America product and innovation leader for Elavon, stated in the release. “With the holiday shopping season fast approaching and the EMV liability shift, offering Safe-T to small businesses couldn’t come at a better time.”
Businesses not able to accept EMV chip cards on Oct. 1 will be liable for any fraud occurring at the physical point of sale when a customer presents a chip-based card and the merchant instead uses the backup mag-stripe technology.
EMV chip cards are difficult for fraudsters to duplicate as counterfeit cards and they also create unique cryptograms for each transaction.
Data encryption protects cardholder data through an entire transaction loop, from the time of a swipe or EMV card dip at the terminal until it reaches Elavon data centers for processing. Generally, only the processor has the key to unlock the encryption.
Tokenization converts a payment card number into a random sequence of numbers, or token, when that card number is being stored for recurring or future transactions.
In addition to the layers of security, Safe-T Security also provides data breach protection through a financial coverage plan regardless of the source of a breach, Elavon said.