Before you light your wallet on fire , countenance ’s elucidate something : the rollout of chip - enabled cards is going to help forbid humbug in the retentive run . But for merchants that are yet to get their shit together , the move away from magstripe is really causing problem .
The US started transition to chipping - enabled cards ( call up EMV ) last twelvemonth , with October 1st 2015 being a soft cut - off day of the month for merchants to take up take chip menu , or admit the costs of fraud from even magstripe bill of fare .
https://gizmodo.com/the-gizmodo-guide-to-the-new-emv-chip-credit-card-payme-1734011799
The transition is working well — for merchant who have do to get on board . According to Visa , the top five big merchants that have transitioned to EMV system have seen their humbug layer fall by 18.3 pct , a number that ’s only move to get better as more cards get bit .
Unfortunately , some merchants have n’t started accepting EMV yet . Per Visa , their pseud grade have really die up , by a not - undistinguished 11.4 percent . Remember , this is a $ 7 billion problem we ’re talk about here .
Why is pseudo going up as scorecard are getting more secure ? simple-minded : magstripe put-on is far , far easier , so thief are off the remaining swipe - only stores while they can .
https://gizmodo.com/why-doesnt-your-store-accept-chip-and-pin-yet-1759588148
This is n’t a intellect to slow up down the adoption of EMV tech — it ’s actually a good reminder to speed it up . Sure , re - issuing a billion credit cards and replacing millions of reference card terminals will take time , but the cost of fraud now lies with card issuer or stores , rather than Visa . Hopefully , having to foot the bank bill for increased fraud will boost them to get their corporate asses in cogwheel .
[ USA Today ]
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