Although there has been a mandate put in place to make smart credit and debit cards accepted across the United States by October of this year, many shops just are not yet ready to fully comply with the change in technologies. What is most bothersome about these retailers are not working harder to accommodate the new EMV (Europay, MasterCard and Visa) cards is the fact that by not switching over they are leaving their customers open to fraudulent transactions.
When you take into consideration that this card type has already been found to not be the safest to use as far online transactions are concerned, the noncompliance of brick and mortar shops and restaurants makes for an incredibly troubling and risky combination for shoppers.
Between 2004 and 2011, the United Kingdom showed a marked decrease in credit card fraud after they implemented the EMV chip cards, which stood as a major selling point for the change to occur in the United States.
However, without companies being more willing to invest in smart card readers to actually use the technology, the thing that was supposed to make our financial transactions safer is actually turning out to potentially lead to a terrible plague of credit card fraud across the country.
If there is anything here that could possibly be seen as a silver lining as far as this whole debacle is concerned, it is that business that don’t get in line with the new chip and pin credit and debit cards will be held completely liable for any fraud that or hacking that happens to their system.
One could reasonably assume that the threat of being legally responsible in a situation like that would be enough to light a fire under these businesses to get them moving toward a complete adoption of the system, but it seems that their immediate bottom line is always going to be more important than the safety of their customers.