Today we celebrate the one-year anniversary of the EMV liability shift on point-of-sale systems imposed by the credit card companies. Credit card companies have declared limited success by showing credit card fraud from Point-Of-Sale (POS) transactions are down from last year, but card-not-present fraud transactions are up from last year.
I have written about how the rollout of new cards to support EMV mandates has been less that effective, and now other people are noting the same issues. This article by Sara Peters talks about the state of the current EMV mandates.
According to a report by The Strawhecker Group (TSG) released last week, only 44% of card-accepting merchants have EMV terminals. What’s worse, only 29% of card-accepting merchants can actually accept EMV chip-based transactions.
“You’re seeing a lot of pieces of paper over the chip readers,” says Jared Drieling, business intelligence manager of TSG. Paper, or maybe tape or stickers, he says.