Why EMV Rollout in the U.S. Is a Failure

1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12
Next Why EMV Rollout in the U.S. Is a Failure-11 Next

Next Steps

All that being the case, it is necessary for retailers to get a better grasp on the security of credit cards and POS transactions. The EMV standard is not going to solve every security threat, and eventually, hackers and other cyber criminals will find a way to outsmart the system. In order to keep up with the security threats and prevention measures, Srinivasan recommended the following steps:

  1. Assign a designated resource to read about the latest trends in retail fraud and upgrade their stores with the latest technology to prevent fraud.
  2. Create a Change Control Manual that can be implemented in a short period of time when security changes need to be implemented.
  3. Motivate employees and have monthly briefings with all employees to keep them aware of all retail security threats and how they can better prepare themselves when dealing with credit card transactions.

October 1, the deadline for credit card companies and retailers in the U.S. to make the switch to the new EMV chip standard and replace the old magnetic strip on credit cards, has come and gone. But according to Forbes, nearly 60 percent of consumers have yet to receive their new upgraded credit cards, nearly 70 percent haven't gotten any information at all about the new chip technology, and those who have received the chip-enabled cards have no idea what the change is all about.

Retailers are probably glad that the new credit cards aren't in heavy circulation yet. Although they are responsible for any credit card fraud occurring at their place of business, merchants have been very slow to adopt the new technology. As International Business Times reported, only 27 percent of businesses were ready for the new standard on October 1, and by the end of the year, the number is expected to reach 44 percent of merchants who accept credit card payments.

The point of the new cards is to decrease the risk of credit card fraud and provide a safer way for financial transactions. Similar to the European credit card experience, the new chip cards will change the way we check out at stores. Card users insert the card into an EMV terminal, where it remains throughout the duration of the transaction. No more swiping a magnetic strip. However, in its survey on consumer awareness of the new EMV changes, Harbortouch found that half of the respondents don't believe that security is going to improve with chip-embedded cards.

All we know for sure right now is that the adoption of the new system is progressing slowly. So why are businesses – and in turn, consumers – so hesitant to embrace EMV chip-enhanced credit cards?


Related Topics : SharePoint, Web Video and Voice Conferencing, UK, MySpace, Intranets

More Slideshows

eCommerce16-290x195 E-Commerce: 5 Strategies to Drive Revenue over the Holidays

With an historic shift toward e-commerce, it's more important than ever that retailers have the right pieces in place to successfully capture online traffic and drive conversions. ...  More >>

Global33-290x195 2017 and Beyond: How Digital Innovation Will Impact the World

Digital innovation is by far the biggest influencer, changing the way we do just about everything, from shopping to communication to running a business. ...  More >>

DistilNetworksWebScrapping0x The Ubiquity and Danger of Web Scraping

In addition to posing a critical challenge to company branding, web scraping threatens sales, SEO rankings and can undermine the integrity of content that took resources to produce. ...  More >>

Subscribe Daily Edge Newsletters

Sign up now and get the best business technology insights direct to your inbox.