Are your ATMs EMV compliant?

By Vanessa Cavasinni, editor Australian Hotelier

Reduce the risk of fraud on your premises by ensuring with your ATM supplier, that the software on your ATMs have been updated.

As of 31 December 2016, all Australian ATMs and pay terminals needed to be EMV compliant. Traditional card readings use the magnetic stripe on a bank card to process a transaction. With EMV compliance, transactions are processed through a card’s chip, which is much harder to commit fraud from. EMV stands for Europay, Mastercard and Visa, which are the three companies who developed the higher security standard.

Since the EMV compliance kicked in, not only should instances of fraud have been reduced, but if there are cases of fraud, the responsibility for the loss will shift from the card issuer to the ATM operator.

Therefore, while it is to the benefit of ATM suppliers to ensure that their ATMs are EMV compliant through a software update, venue operators should ascertain whether their suppliers have upgraded their ATMs, to ensure that the risk of fraud on their property is reduced.

This information was first published in the December 2016 issue of Australian Hotelier, as part of a larger feature on POS and operational technology. Check out the rest of the feature, here.