Friday, October 02, 2015
Most retailers in US not ready in time for EMV credit card standards
On Oct. 1, 2015, most retailers in the U.S. were supposed to be compliant with EMV, “Eurocard Mastercard Visa” chip technology standards, that make card skimming and fraud much less likely.
Gradually, consumers will receive new cards in the mail. I don’t have many of mine yet. But many retailers are still not prepared for the transition, which can make them more liable in case of fraud.
There is an FSQ on how this all works here.
The liability shift is well explained on a site call Payments Leader here.
Non-profits, which sometimes take cards at events like film festivals, could have a particular problem with all this.