EMV® — Europay, Mastercard, Visa — is a global standard for credit cards that uses computer chips to authenticate (and secure) chip-card transactions using tokenization. EMV is designed to reduce counterfeit fraud. Tokenization is the process of protecting sensitive data by replacing it with a unique data packet. This makes it so if any data is stolen - it is useless, it devalues any data stolen from a payment system.
Effective October 1, 2020 fraud liability shifts to the party in the payment chain with the least secure technology. If your site is upgraded to accept EMV transactions, you are insured against chargeback fees. As more sites upgrade to EMV, fraud will seek non-EMV enabled sites.
|Fuel Transaction Value||$75|
|Transaction Fee (4%)||$3|
|Product Cost (71%)||$53|
|Marketing & Operational Cost (25%)||$19|
|Chargeback Fee ($35-$50+)||$35|
|Total Cost to Retailer||$185|
|Fraud Loss = 2-3X sale|