Forest Global Training Partners

Cyber Risks · Krebs on Security

The Great EMV Fake-Out: No Chip For You!

Summary: As of early 2016, Visa reported that more than 750,000 U.S. locations, about 17 percent of face-to-face card-accepting merchants, were enabled for chip transactions, even though most retailers had already installed chip-capable terminals. Merchants cited the October 1, 2015 liability shift that put them on the hook for 100 percent of counterfeit-card fraud when a chip card is swiped, along with slow point-of-sale software readiness, long certification queues, and the cost of training customers.

Bottom line: Crowley predicts a coming wave of chargebacks, including "friendly fraud" from customers who realize a swiped chip card charge can be disputed with little the merchant can do, and expects international card issuers to drive the first wave. For a security leader, the exposure is concrete: a single chargeback is what he says it takes to push a smaller merchant into EMV adoption.

Read the original at Krebs on Security ↗

Topics
Data Breaches
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