Is Your Restaurant Vulnerable to Friendly Fraud?

Back in October 2015 a major shift in financial responsibility for credit card fraud took place.  The coalition comprised of Europay, MasterCard and VISA (EMVCo) moved the liability for credit fraud from the banks to the merchant, if the merchant is not equipped to accept pin and chip transactions (known as EMV cards). This started a rapid demand for EMV payment solutions.  In parallel the major banks began replacing existing consumer credit cards with pin and chip enabled cards.

Over the past several months, the nationwide shift to chip-enabled credit and debit cards has begun to take hold. Approximately 70 percent of U.S. cardholders have been issued chip cards, and more than 1.3 million U.S. merchants have upgraded their terminals to accept chip card payments. 

EMV cards are intended to be more secure in part because they mitigate skimming, where scammers copy the information on the magnetic strip and use it to make duplicate cards.  In fact, according to Visa, EMV cards have…