US – CoCard

Oct 05 2015

EMV Pocket Glossary

Advice, Business, EMV, Industry, New Product, Tech

silver American express chip card shown dipped, or being processed, in an emv terminal With the liability shift here, we know that you’ve already got a lot on your plate. So we’re going to just take it easy and go over a few terms you may have already seen or will see as you continue to learn about EMV. This list can serve as a simple pocket reference during the transition. Print it out even, and refer to it as needed when reading your next article or blog post about EMV. We want the transition to be worry-free.

EMV: Short for Europay, Mastercard, and Visa, the developers of the card

Chip-enabled card: A credit card enabled with a microchip; also referred to as “chip and pin” or “chip and signature”, depending on the cardholder verification method

Fraud: the criminal use of a person’s credit card information to make unauthorized transactions

With the transition to EMV terminals, the US aims to decrease fraud. The US currently accounts for nearly half of all worldwide fraud. On a positive note, the EU has decreased card fraud by 80% since completing its transition to EMV cards, which means the US transition should be successful.

Liability shift: Starting October 1st the responsibility for fraudulent transactions switched to the party with the least EMV-capable technology

If fraud occurs with a non-EMV bank card, the bank is responsible. If fraud occurs as a result of a merchant’s POS system that can’t accept EMV-cards, the merchant is responsible. Only 20-30% of merchants are expected to use EMV-capable terminals by October 1st, with the remainder throughout the three to five-year transition period. So if you’re not there yet, don’t freak out. COCARD can work with you to determine a POS system that is right for your company’s needs.

Transaction authorization: When a chip card goes through rules set by the card-issuer to determine whether the transaction can be authorized; transactions can be authorized either online or offline

Card authentication: the process of making the card authentic or unique by providing a one-time code for the transaction

If someone does manage to actually steal this code and use it, the transaction would be declined since the code was already used.

Cardholder verification (CVM): how the issuer and merchant verify that the cardholder and the person with the card are one and the same. An EMV-terminal might require a pin, signature, or for low risk transactions, no verification method.

Mag-stripe card: Cards with a magnetic stripe on the back. Much of the world has already switched completely to EMV-cards, and the full-scale transition in the US is currently underway. Cardholder data on mag stripe cards is easy to steal using a simple card reading machine.

Cryptogram: A one-time code created during online authorization; a cryptogram validates that the chip and issuer are not counterfeit

That’s it. We hope that this glossary of terms is short and sweet, and that it provides simple definitions for terms that are often times used when discussing EMV.

And now that October 1st has come and gone we’re sure that your still standing strong. So don’t worry. Instead, continue to read up on EMV and take the information that is most valuable to you as a business owner. If you’ve got any questions, we at COCARD will be happy to assist. Feel free to give us a call at 800-317-1819.

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Cartoon illustrations of an EMV Chip Card reader and EMV Credit Card

Sep 21 2015

The EMV Files: A Conversation with Chip and Terminal

Admin

Advice, Business, EMV, Industry, New Product, Tech, Uncategorized

Cartoon illustrations of an EMV Chip Card reader and EMV Credit Card

Last week we introduced Chip and Terminal, who have a lot to say about EMV, mainly because they are the main components in EMV technology. So we were lucky enough to be able to book a slot on their busy schedule this fall season to interview them and ask them a few questions. Personally, we think they’d be great on Bravo, but they might have competition with a real housewife or two.

COCARD: Hi Chip. Hi Terminal. We’re so glad that we could ask you two a few questions about EMV. Really, we’re honored. Could you just start by telling us a little bit about yourselves?

Chip: Sure, well I’m Chip, and I’m the small chip that’s embedded in credit cards with EMV technology. Banks have already started transitioning to cards including yours truly, and plan on having all cards in the US utilizing EMV technology within five years.

Terminal: I’m Terminal, and all cards containing chips, will be dipped into terminals to be read. I like to say that I give new meaning to dipping the chip. I provide a one-time code to authenticate the card. Because of this, your data is protected, preventing a person from stealing a code that is only good for one transaction.

COCARD: So when did you first realize that you worked so well together, that you were a great team?

Terminal: I’ll take this one Chip. We’ve had a couple of countries really benefit from EMV technology. There’s the UK, which reduced fraud by more than half between 2004 and 2013 upon implementing EMV cards. Then there’s Canada, eh, that started the EMV roll-out in 2003 and reported fraud of $29.5 million (CAD), down 79% from 2009, which was $142 million (CAD). So I would say that it’s taken some time to see the effects, but in the past few years, we’ve really seen the impact that EMV cards have had in reducing fraud for many countries around the world.

COCARD: EMV is new for many business owners. So I’m sure you understand how such a change might make people anxious. What would you say to assuage the fears of business owners everywhere?

Chip: Well, first the sky is not falling. It might seem like it, but it’s not. The proof is that it’s already been successful in other places, and the US is simply one of the few developed nations that has not adopted this technology. EMV, through its authentication process, is really what makes these cards, our cards, more secure. So they are a safe and secure way to pay for things. We think that any business owner can appreciate the feeling of comfort that security brings. The big thing for business owners to remember is that banks have a five year plan and that only 21% of US cards will have the embedded chip by the October 1st liability shift..

COCARD: Anything else you’d like business owners out there to know?

Terminal: We just want you all to stay informed. Keep learning. The more you know, we think the less you’ll feel out of your element with something that can benefit your business.

COCARD: Thanks Chip. Thanks Terminal. You were both great. We appreciate that you were able to take time out of your busy schedules—you two are in high demand—to spend a few minutes with us at COCARD. Have a great day.

Chip: You too.

Terminal: Yeah, thanks COCARD.

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Growing New Farmers

Admin

Business, Lifestyle

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Contemplating adding the title of “farmer” to your growing repertoire of talents? Now just may be the perfect time. According to an announcement by the U.S. Agriculture Deputy Secretary Krysta Harden at last month’s Beginning Farmer and Rancher Advisory Committee meeting, attractive new implementations and policy changes are being made to the Farm Bill that offer financial security to newbie farmers and ranchers.

Since the average age of the U.S. farmer is 58 and older, the U.S. Department of Agriculture (USDA) is looking to attract fresh faces to the field with these appealing new perks. Among said incentives are: waiving service fees for new and beginning farmers looking to enroll in the Non-Insured Crop Disaster Assistance Program for 2014; increasing pay rates to beginning farmers and ranchers under the Emergency Assistance for Livestock, Honeybees and Farm-Raised Fish Program; and the development of a farmers website full of helpful need-to-know info for wannabe growers.

In the near future, the USDA is also looking to bring discounted insurance premiums to beginner farmers. Has the idea grown on you yet?

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Who We Are

Admin

Business, Industry

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CoCard is an industry leader in Point of Sale / POS payment processing with advanced debit and credit card processing software and hardware.

Since 1999, CoCard has led the way in payment processing services, staying one step ahead of the curve. During this time, we’ve built a strong reputation in the processing industry and gained both the tools and management to turn your business into everything you have ever dreamed.

CoCard has also developed one of the most complete and robust selections of payment and authentication services in the industry, making CoCard the perfect option for a business that’s just getting on its feet, or one that’s been established for years.

What We Do

CoCard offers a wide selection of fully integrated, bank-neutral credit card and cash management products. We enhance our core-product offerings with best-in-class risk management and authentication tools. Your business’ security and safekeeping is the highest priority for CoCard.

We link merchants and entrepreneurs to customers and financial institutions, overseeing the secure transfer of funds. In seconds, we are able to securely process MasterCard, Visa, American Express, Discover, JCB and many other card types on behalf of any merchant card issuers.

Our Mission

Our mission is to make your electronic payment and authentication services simple, reliable, secure and cost effective. Simply put, we strive to offer you the best merchant services available.

HOW WE ACCOMPLISH OUR MISSION

Bank Certified and Recommended

Many merchant service providers claim to be as qualified and distinguished as CoCard, but very few have been certified and recommended by major banks. Bank certification ensures that all payment and financial systems have been rigorously scrutinized for accuracy and reliability. Banks only recommend organizations that have ample training and support mechanisms in place to serve their customers. Because CoCard is bank certified and recommended, you can be assured that we will serve your needs with the highest level of expertise.

Person-to-Person Service – One Call Resolution

CoCard works as a consultant for our customers. Our support technicians take the time to provide you with good advice and get you online fast and hassle-free. We are there for you when you need help the most. When you call our offices, you talk to a real person who can address your real needs. Stop arguing with an automated voice, and start conversing with a living, breathing professional.

Security

CoCard protects you and your customers with our industry-leading 4096-bit encryption and SSL. Our systems are monitored 24 hours a day by one of the leading firewall monitoring and intrusion detection firms. Any attempts at unauthorized access to our systems are immediately logged and appropriate security measures are taken. In addition, CoCard and its affiliates are all PCI compliant. Your business’ security and safekeeping are the highest of every employee’s priorities.

Speed

Every second counts for you and your customers. CoCard’s support and equipment ensures that your customer will be taken care of in a timely manner. Your marketing and sales strategies are optimized by efficient payment systems, so you spend less time calculating, and more time reaching potential clients.

Simplicity

CoCard specializes in electronic payments, so you don’t have to be an expert. We have a wide variety of integration methods and APIs available for all popular operating systems. We have invested in enterprise class servers and redundant data/banking feeds, and we hire skilled, trained technicians to oversee them all . Our systems are monitored 24 hours a day from 3 different locations to ensure that our services are always available to our clients.

Accuracy & Availability

With CoCard, your credit card transaction, electronic checks truncation, and gift and loyalty information is available to you for review 24 hours a day, seven days a week.

Flexibility

We want to earn your business, which is why CoCard is dedicated to building commerce solutions customized to your needs. In addition to integrating the best in third-party, risk-management services, we have developed many of our own services in-house. The CoCard system can be used for small-business segment applications, as well as large complex financial applications.

Low Cost / High Value

CoCard provides the best value in the industry with our extraordinary services at low cost. Some of the most recognized names in business have chosen the CoCard solution for their needs.

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Major tech companies push for legislative reform of NSA’s accessibility laws

Admin

Business, Industry, Tech, Uncategorized

Screen Shot 2014-07-08 at 12.00.16 PM

With the continued expansion of internet prevalence in our everyday lives, it’s becoming harder each day to escape the ever-watching eyes of “Big Brother”. “Big Brother” is an idiomatic term that refers to government surveillance powers that oversee our actions on an everyday basis, the most relevant example in this instance being the NSA.

The NSA has recently experienced a significant amount of backlash from major tech companies because of its invasive and disturbing policies for mass data collection. A year after agency contractor Edward Snowden’s leak of private documents, executives from nine major tech companies (AOL, Dropbox, Google, Apple, Yahoo!, LinkedIn, Twitter, Microsoft, Facebook) sent a letter to the Senate demanding a reform of internet privacy and security laws.

Specifically, Microsoft sounded off about the changes in legislation that they would like to see, in reference to cyber-spying and data hacking. One of their main gripes was towards the security of cloud-based services, and the lack of certainty behind the protection of their documents and information. Microsoft claims that the government has “intercepted data traveling across the internet”, and “hacked links between company data centres” (www.thegaurdian.com).

Microsoft has a strong call to action, with five specific desires:

Recognize that U.S. search warrants do not have jurisdiction outside of the U.S.
End bulk-collection of data (phone records, email records)
Commit to the ending of large scale data centre hacking
Reform the Foreign Intelligence Surveillance Act court, which makes its rulings in private.
Improve transparency in terms of exactly what rights the government has to information and records.

It’s no secret that the government watches over us and keeps an eye out for suspicious activity. Many people understand and accept that it is for the greater good, but a great many (me included) believe that it is a serious breach of our Constitutional rights. With the constant increase in web/cloud based technology that businesses use for records, it’s a scary thought knowing that your business’s private information is always at the fingertips of the government; with little to no control over what the government can do or take from us, how much power do the people really have? Is the internet just another way for the government to control us? How do you think the government’s aggressive interference with private information will affect businesses in the future? Reply and let us know!

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