How to upgrade your ATMs to EMV and stay in business
by: Bob Silker
With liability shifts fast approaching, many independent ATM deployers (IAD) are asking: How do I upgrade my portfolio and stay in business. With estimates from Aite Group putting overall upgrade costs around $2,000-4,000 per ATM, it’s no wonder many business owners are suffering from sticker shock.
But fraud costs after MasterCard’s liability shift beginning on October 1, 2016 could be far more detrimental – a whopping $50,000 per skimming incident as estimated by the U.S. Secret Service.
ATM locations last to upgrade are more likely to absorb enormous amounts of fraud. It’s highly unlikely fraudsters are going to simply close up shop because ATMs begin getting EMV card readers installed on them. They will begin branching out, and with so smart phone apps available to help pinpoint an ATM anywhere in the U.S., it won’t be hard for them to find at-risk ATMs.
Experts have seen similar fraud migrations happen in every other region of the world as they upgraded to chip technology. In fact, small areas, with very few ATMs, began seeing so much fraudulent traffic in Canada during the EMV migration that processors shut down those machines until they were upgraded.continue reading »