The use of EMV (Europay, Mastercard, and Visa) worldwide transaction authentication standard allows for more secure transactions.
Your financial security is essential for your well-being, and without EMV certification you’ll be at risk of becoming uninsured. That’s why it’s important to get EMV certification so that you can protect yourself against fraudulent charges and fraud. But there’s more to it than just securing your finances—EMV certification also protects your business. When you get certified, you’ll be able to scoop up payments, read chip cards, and more. Knowing all about EMV certification will help make sure that your business is as safe as possible for customers and employees alike.
What is EMV and What Does it Mean for Your Business?
EMV technology has been hailed as a step forward in security and convenience, helping to reduce fraud. It is also expected to help improve the standing of the credit card industry, as consumers are more likely to use EMV cards when needed.
EMV is a new type of payment system that uses cards with chips that are inserted into the card readers. This system is more secure and efficient than the current payment system, which uses magnetic strips.
The certification process for a payment terminal to be certified as EMV-compliant typically involves the testing and certification of the hardware, core software, and the relationship to each payment scheme (Visa, Mastercard, Amex, etc).
EMV certification phases
Knowledge of EMV is a skill that is not taught in school or university.
Some studies mainly discuss the cryptographic primitives and the key infrastructure and do not go into details about the actual protocol. Researchers have been studying EMV for the past decade. This research has for instance looked at the EMV protocols and the associated liability shift. Researchers also look at the security of the EMV API in HSMs (Hardware Security Modules) and the tamper-resistance of Point-of-Sale terminals.
Merchants who are certified through the EMV certification process can accept cards with chip technology. This extra layer of security makes transactions more secure and helps reduce the chances of fraudulent activity. This added security means that transactions are more secure and faster.
EMV Level 1 certification is a required step for many businesses that accept cards from consumers. This certification provides the business with the knowledge and skills needed to process and handle EMV transactions. The certification can help businesses ensure their transactions are compliant with the new EMV card technology. The EMV Level 1 certification also ensures that the device (also: terminal) meets the requirements for secure communication. This includes meeting the specifications for radio frequency identification (RFID), secure socket layer (SSL), and digital certificate standard (DCS).
The EMV Level 2 certification provides individuals with experience in accepting and processing cards using the EMV chip technology. This certification covers tasks such as reading, writing, and verifying payments. Individuals who earn this certification can work in any organization that processes cards using the EMV chip technology. EMV Level 2 certification is an industry-wide certification that validates the software that implements the payment functionality and runs on Level 1-certified devices. The certification is available to companies that have implemented the EMV payment system, and it validates the software as well as the devices used to implement it.
This validation involves testing the software for compatibility with different payment cards, ensuring that transactions are completed successfully and that correct card numbers are entered into the system.
The EMV Level 3 certification offers individuals a higher level of training and knowledge related to card acceptance and processing. This certification includes tasks such as data entry, security, and fraud prevention. Individuals who earn this Certification can work in organizations that process cards using the EMV chip technology or act as their consultants to help other businesses handle their card processes using EMV technology.
The EMV Level 3 certification guarantees that the software on devices meeting the brand requirements is configured in a way that meets all of the required security and user identification features. It ensures that the software meets all of the brand requirements, including, but not limited to, security measures and user identification.
ISO 8583
ISO 8583, or the International Standard for Payment, is a standard used to manage financial transactions card originated interchange messaging. It is an international standard for systems that exchange electronic payments, managing digital money, and confirming financial transactions which defines a message format and communication flow. The intent of ISO 8583 is to improve efficiency and reduce fraud in financial institutions by ensuring common standards for processes that lead to payment confirmation and exchange of digital payments.
ISO 8583 helps improve the quality of payment transactions by guiding how to ensure that payments are received promptly and meet the standards outlined in ISO 8583. This standard also ensures that payments are accurate and complete, preventing issues from arising during the process.
What are the Benefits of Getting EMV Certified?
The benefits of getting EMV certified include increased security and efficiency when paying for things online, as well as reduced costs associated with regular payments through credit or debit cards. Most importantly, this certification will help businesses avoid potential financial difficulties in the future if something goes wrong with the payment systems- such as data breaches or fraud accusations against their customers’ credit reports.
EMV is a key investment for your business because it will mean adding a new in-store payment technology and internal payment-processing systems all while complying with new liability rules.
According to a study released by MasterCard, fraud decreased by 60 percent among its top five EMV-compliant merchants. This is a great accomplishment for the industry as fraud is an important issue and it shows that more and more people are using EMV cards.
What to Expect When You Are EMV Certified
As a certified business owner, you will need to follow specific safety precautions when working with customers’ and clients’ data. You will also be required to develop shatter-proof systems for storing your customer data, to protect it from potential breaches or thefts. Finally, you will need to comply with all applicable laws related to payment processing and data security.
Conclusion
EMV is an important addition to your business. By getting certified, you will be able to improve your security and protect your customers’ data. The benefits of EMV include increased transaction efficiency, reduced fraud, and safer online transactions. If you are ready to begin using EMV in your business, start by getting certified today!
Author: Mohammad Yaseen
Mohammad Yaseen has successfully executed and completed over 45 Level 3 certifications with different card schemes (Mastercard, VISA, AMEX, UPI, JCB) on various POS models. He is a pioneer in the field of FinTech and has also been instrumental in developing the FinTech sector into a major player in the global economy. He has also gained recognition as one of the most influential voices in this rapidly growing field.
What’s impressive about Mohammad Yaseen is his strong optimization skills and ability to lead risk management and control administration to improve operational productivity and mitigate institutional risk. He is also an expert with data backup, extraction, migration, and synchronization through process improvement techniques. These skills make him an ideal candidate for leading the Fintech industry and creating a better future.
Mohammad Yaseen is well-known within the Fintech industry and has had a significant impact on the field, which is evident by his numerous achievements. He has helped to change the way that Fintech operates and has seen outstanding success in his career.
