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The rest of the world had to put up with the EMV change-over. But the US just keeps delaying and delaying. If the card industry applied the same tactics to the
by jimjimjim 11y ago
The rest of the world had to put up with the EMV change-over. But the US just keeps delaying and delaying. If the card industry applied the same tactics to the US then merchants would switch over pretty quickly e.g if the shop doesn't have emv certified chip card terminals then the shop has to accept the loss from the fradulant transaction.
- spiralpolitik 11y agoThat is now the case for retail since October 2015. Any fraudulent transaction using the magstripe and the retailer is responsible for the loss. The rollout has been slow but I think the only major chain I use on a daily basis that hasn't got chip readers is Starbucks. This doesn't apply to gas stations until October 2017. Assuming that the card industry doesn't blink, the problem should solve itself fairly quickly given that margins on gas stations are razor thin so if they have to eat the fraud then they will be lining up to install the new readers.