Visa Delays Chip Deadline for Pumps To 2020
Summary: Visa delayed by three years, from October 1, 2017 to October 1, 2020, the deadline for U.S. fuel station owners to install chip-capable payment terminals at the pump, a date tied to a liability shift that would have made station owners absorb 100 percent of fraud costs on chip-card transactions. Visa said fuel pump skimming accounts for 1.3 percent of total U.S. payment card fraud, and the National Association of Convenience Stores estimates station operators will spend approximately $30,000 per store to accommodate chip readers, with total industry cost possibly exceeding $4 billion.
What's compelling: Fraudsters tied to organized crime gangs get another three years to install skimmers at pumps, and Arizona alone saw more fuel station skimming attacks in August 2016 than in all of 2015 combined.
Read the original at Krebs on Security ↗
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