3 ms·
I believe the crux of the lawsuit (and oddly isn't really covered in the article) is that the credit card companies are trying to have their cake and eat it too
by seanalltogether 10y ago
I believe the crux of the lawsuit (and oddly isn't really covered in the article) is that the credit card companies are trying to have their cake and eat it too. Visa & MC have created a new system that is only marginally more secure, but have required retailers to now shoulder the costs of any fraud that occurs on those new cards.
- mikeash 10y agoIf they'd just adopt chip readers then liability stays with the card companies. This is actually something that has really puzzled me about the American chip rollout. As of October 2015, any merchant without a chip reader bears full liability for fraudulent chargers. I was sure that this would mean everybody would be switched over on time. Forcing merchants to pay for fraud is a pretty big threat! And yet here we are most of a year later, and I still see tons of stores with no chip readers. Even weirder, I see tons of stores with chip readers that don't work because they haven't activated it on the backend. Why....