Hey, remember the ATM liability shift? You know, how MasterCard’s liability shift means that the operator of any ATMs not equipped with EMV (computer chip) card readers by October of this year would be liable for fraud, and not the credit card network. That deadline was today, and most ATMs in the wild aren’t yet equipped with chip readers. [More]
emv shift
Credit Card Forgers Going On One Last Crime Spree While Magnetic Stripe Readers Are Still Prevalent
By 6.17.16
America has long served as a haven for credit card crooks because it’s only recently that we’ve switched to credit and debit cards that use smart chips (EMV). However, criminals are taking advantage of retailers’ delay in installing card readers that use the technology, and holding sort of a fire sale on stolen credit card numbers. [More]
Retailers Frustrated About Chip Card Terminals They Can’t Turn On, Liability For Fraud
By 3.22.16
A grocery store chain in Florida made headlines last week for filing a lawsuit against a consortium of credit card issuers for delaying their certification to process payments on the EMV (chip card) payment network. They aren’t alone, though: many other medium-size chains and other businesses have had their certification delayed, which is costing them thousands or tens of thousands of dollars now that they’re liable for fraudulent transactions. [More]
Netflix Thinks You’re Letting Your Subscription Lapse When Your New EMV Payment Card Arrives
By 10.14.15
You are, presumably, a financially responsible adult, or aspire to become one. Yet it’s easy for even the most financially responsible grown-up to forget to change everything over when you receive a new credit or debit card. As banks are supposed to replace all of our cards for the EMV changeover, our forgetting to update the cards on our Netflix accounts is actually affecting the company’s profits. No, really. [More]
Only A Few Banks Are Making Their Credit Card Customers Memorize PINs
By 10.1.15
One compromise that financial institutions have made in the national shift to EMV smart cards from magnetic-stripe cards is that Americans will sign for their purchases instead of entering a 4-digit PIN. Maybe banks think that we’re stupider than the rest of the world, since other countries do use PINs. [More]
