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So they'll still work in terminals not equipped to handle chip transactions.Įven at the points of sale that can crunch chip purchases, a PIN will not (yet) be required - like chip technology to begin with, adding PIN verification requires extra technology in place to process the transaction. The chip cards the major issuers have been sending out still have that old-fashioned magnetic strip on the back of the card, in addition to the chip.
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The credit card giants probably took this at least some of this into account the full implementation is going to be slow and gradual. Apparently, the latter can't make a sufficient number of the machines quickly enough.
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A smaller store or chain of stores might not have the capital to buy and install the necessary equipment.Ĭompounding this, some merchants have complained about delays in obtaining chip card readers due to backlogs from manufacturers. This, of course, is a matter of resources. 1 for merchants to implement the technology that can process chip card payments.Īfter that, according to the terms of their respective merchant agreements, the costs of compensating for fraudulent card-present transactions will be paid by the party least compliant with EMV transaction standards - in other words, the merchant who hasn't properly upgraded its system to handle the new cards.Īlthough certain nationwide retailers such as Wal-Mart ( WMT) have upgraded their systems to take chip card payments in their stores, many smaller enterprises have yet to do so. Nevertheless, the big credit card companies - Visa, MasterCard, Discover Financial Services ( DFS) American Express ( AXP) - have set a date of Oct.
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Fraud losses for CNP transactions actually rose over the same period, to 227 million ($352 million) in 2010 from 151 million pounds ($234 million) six years earlier. The difference would be more dramatic if it weren't for "card not present" transactions, such as the ones made by phone or online rather than face-to-face - after all, without a PIN reader, it's not possible to use the PIN for verification (solutions are being developed, but none have yet found widespread adaptation). By 2010, that number had dropped by nearly 30 percent to 365 million pounds ($556 million). According to research by the Federal Reserve Bank of Atlanta, in the first year (2004) of large-scale chip-and-pin implementation in the U.K., total fraud losses stood at 505 million pounds ($767 million). at least for "card present" (face-to-face transactions where the customer presents the plastic) interactions. This "chip-and-PIN" setup is clearly more secure.
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This must be input by the cardholder in order to complete the transaction. In most of the world, chip cards feature an important extra wall of security - a PIN number. In contrast, a card embedded with an EMV chip - "EMV" stands for the members of the consortium that came up with the standard: EuroPay, MasterCard ( MA) and Visa ( V) - encodes the card's information. was responsible for nearly half of that figure. According to statistics compiled by The Economist, in 2012 total losses from the activity worldwide amounted to over $11 billion. %VIRTUAL-WSSCourseInline-963%As a result, America is a haven of card fraud. Also, with the right equipment, it isn't difficult to "skim," or copy, that data directly from the stripe.
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This isn't particularly secure, since criminals need only possess the card and approximate the holder's signature when making a purchase. The traditional credit and debit card in this country packs its data onto the magnetic strip on the back of the plastic - an innovation that dates from the 1970s. Chip cards have been the norm for years in other countries, but they're only now starting to see full-scale rollout here in the U.S.
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The big change is seemingly innocuous - a microchip embedded right above the first series of numbers on the card.īut that small metal stamp is the foundation of a system that promises more robust security for all parties involved in a transaction. The plastic we carry in our wallets will be quite different in the near future.