Following high-profile data breaches at Home Depot and Target, American consumers breathed a collective sigh of relief when payment card issuers began rolling out chip-enabled credit and debit cards, moving away from the magnetic swipe system that’s been an easy target for data thieves.
In a bid to incentivize retailers to upgrade their readers to versions that accept new encrypted chip-and-PIN or chip-and-signature cards, Visa and MasterCard declared that by October, the liability for fraudulent transactions will shift to whichever party has the lesser technology. Despite the looming deadline, a Forrester Research report published Monday said widespread integration of the new EMV technology—named for Europay, MasterCard and Visa—by U.S. retailers could take until 2020.
Read more at Sourcing Journal.