Point of Sale System Research Paper Example | Topics and Well Written Essays - 250 words

Point of Sale System - Research Paper Example The United States and other countries which have a lot of international activities thus receive many visitors from the world over have the highest number of sale transactions. As a result of the increased usage of point of sale system in almost every retail store, fraudsters have come up with technologies to skim customer cards, produce replica cards and defraud users of their money. This has forced major car producing and regulating companies Visa and MasterCard to move from magnetic strip cards to EM which is more secure as it requires the use of a pin code and has a chip. Compared to other countries such as the Netherlands, Canada, Australia, the UK and other parts of the world card fraud in USA has been significantly low. But as this other markets migrate to EMV their fraud rates have seen tremendous reduction while the United States’ have been going upwards due delays in migration from magnetic strip. The American card market heavily relies on the magnetic strip cards and this could behind the rising fraud rates; fraud has risen by 70% since the year 2004 with 2010 representing the first year in time when fraud rates on cards issued in the United States was higher compared to cards issued in the UK (King, 2012). In conclusion therefore the use of point of sale systems has become popular the America and the whole world. Fraud has evolved and targeted plastic money necessitating the change of technology to EMV. The United States has been slow in moving to EMV due to high presence of signature verification cards and mag strips. Migrating from magnetic strip cards will therefore be a huge milestone in curbing card counterfeiting in