For retailers that do not yet accept EMV cards — credit and debit cards with chips embedded in them — a spine-tingling deadline arrived last week. Liability for any payment fraud that results from acceptance of old-school plastic shifted to them. The magnetic chips in EMV cards will reduce in-store payment fraud, which affected 62 percent of companies, according to the 2015 Payments Fraud and Control Survey report from the Association of Financial Professionals, or AFP.
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The Sluggish Crawl to Chip-Secured Shopping
Posted by: Richard Adhikari October 5, 2015 11:33 AMFor retailers that do not yet accept EMV cards — credit and debit cards with chips embedded in them — a spine-tingling deadline arrived last week. Liability for any payment fraud that results from acceptance of old-school plastic shifted to them. The magnetic chips in EMV cards will reduce in-store payment fraud, which affected 62 percent of companies, according to the 2015 Payments Fraud and Control Survey report from the Association of Financial Professionals, or AFP.