Why Your Hospitality Clients Should Transition To EMV Now

By Chris Lee, President, North America Strategic Partnerships & Emerging Markets, Moneris Solutions

There’s no such thing as traveling light today. Hotel guests are carrying a heavy load of sensitive financial information on their credit cards when they check-in. Just as they expect their hotel rooms to be comfortable and clean, they also expect their data to remain secure before, during and after their stay.

With many points of access to valuable customer information, hotels are increasingly under attack by fraudsters. In fact, according to the Verizon 2015 Data Breach Investigation Report, lodging is one of the most breached industries. A recent Trustwave and SpiderLabs Global Security Report reveals more than a third (38 percent) of attacks aimed at the hotel industry. The sector comes in well ahead of the financial services industry (19 percent), retailing (14.2 percent), and restaurants and bars (13 percent).

Experts predict that the frequency of these attacks will continue to grow in the coming months, disclosing confidential consumer information like names, credit and debit card numbers and CVV security codes. Breaches of this kind can have a dramatic impact on a hotel’s overall reputation and bottom line. EMV (Europay, Mastercard and Visa) is a proven global payment security layer that uses smartcard, or chip card, technology to prevent fraud. While EMV is widely accepted in Europe and Canada, the U.S. is just now making the security standard a requirement, aiming to solve many of the issues plaguing both businesses and consumers. The following are some key things you need to know to keep your guests safe, and take advantage of current security trends.  

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