By Richelle Heinauer

LCG Advisor sponsors ACG Interactive Breakfast Series “Get Ready – EMV is Coming!”

On September 1st, LCG Advisors co-sponsored the Association for Corporate Growth Interactive Breakfast Series “Get Ready – EMV is Coming!” A fascinating discussion took place regarding the changes to credit cards payments and chip technology. The impact of these changes will be felt far beyond the retail sector.

The subject matter-experts leading the discussion included Mike Gilbreath, SVP, Treasury Management Executive, Regions Financial Corporation and Peter Strickland, Vice President of Payments, JP Morgan Chase. Brian Smith, Managing Partner of LCG Advisors, moderated the discussion.


  • Beginning October 2015, merchants need to adopt the new chip and pin technology when accepting credit cards or risk absorbing the liability for fraudulent transactions. The new chip technology will significantly reduce “card in possession fraud” which currently makes up 37% of credit card fraud in the United States, according to a 2014 report by Aite Group.
  • As a result of the new technology, it is anticipated that fraudsters will change their focus from counterfeit card present transactions to online fraud. In other parts of the world where the EMV transition has already taken place, online fraud has surged. That said, businesses that sell goods online will be bigger targets and need to protect themselves accordingly.
  • These changes will also impact consumer-facing businesses that are not historically susceptible to fraud. With leading retailers improving security, other business will be forced to change to maintain consumer confidence that their information is being protected from theft and fraud. Increasingly, consumers are doing business where they feel secure transactions are being made.
  • Due to the need to invest in new systems and technologies, merchants are seizing the opportunity to support omni channel payment platforms which means they can accept various forms of payment such as digital wallets and ApplePay. Merchants without omni channel capability will be faced with a shrinking customer base.

Additional Resources

8 FAQs about EMV credit cards

FAQs on PCI (Payment Card Industry)

What Merchants Need to Know About EMV

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