Yesterday, we covered the Payment Card Industry Security Standards Council's annual meetings in Las Vegas and the fact that a number of changes could be coming down the pipeline for merchants to be aware of. There was one piece we didn't touch on: EMV card technology.

Council members Bob Russo and Troy Leach were interviewed in a recent Search Security article. During the talk, Leach said that EMV was so hot, it took up an entire session during discussions. EMV and chip card technology will be making their way into U.S. markets soon and will signify a significant shift in fraud prevention. It is a strong way to authenticate transaction, but does not necessarily secure it.

"EMV chips still process cardholder data exposed 'in the clear,'" Leach said. "So there's going to be a big need for collaboration and an increased understanding of how different standards work in EMV environments, specifically those that have to do with encryption and creating an inability for criminals to see unencrypted card data as it goes from the terminal through the merchant environment and out to the payment processor and the banks."

For credit card processing, there are many layers to securing payments than just how the data gets put into the system. Because of this, merchants should be looking to upgrade their POS software so it will be able to handle all of the new ways consumers are going to be able to transfer funds. Also, as industry standards evolve, so too must business strategies.