District Attorney George Gascón is announcing a new education and awareness campaign Tuesday athat encourages consumers and businesses to adopt new EMV chip card technology designed to prevent counterfeit payment cards and fraud.
EMV (Europay, MasterCard and Visa) chip card technology “is a global standard for point-of-sale terminals being rolled out in the United States that authenticates credit and debit card transactions” through the use of an embedded microchip that generates a one-time use code for each transaction, according to the District Attorney’s Office.
With Black Friday coming this week and Christmas next month, Gascón said now was a good time to begin preparing consumers and businesses for this technology as it becomes more prevalent in transactions.
Gascón is joined by consumer and business groups, Visa Inc. and Square in the yearlong campaign to educate businesses and consumers about the technology. Beginning October 2015, companies that have not adopted the EMV technology may find themselves liable for any potential counterfeit fraud they may have incurred using their old credit card reader systems.
Eighty countries are in various stages of integrating the technology into their payment systems and many have reported a decrease in counterfeit and fraud, Gascón said.
Gascón will announce the launch of the campaign at 11 a.m. Tuesday at Green Apple Books at 1231 Ninth Ave. He will be joined by representatives of business and consumer groups, Visa and Square.