Subscribe / Unsubscribe Enewsletters | Login | Register

Pencil Banner

Many retailers anxious facing Thursday's chip-card conversion deadline

Matt Hamblen | Sept. 30, 2015
Shop owners face a little 'organized chaos,' Maine retail association executive says.

McKee said a 451 Research survey of 154 businesses with fewer than 20 workers conducted in September showed just 14% had adopted chip terminals, and that nearly two-thirds won't be ready by Oct. 1.

"It's very easy to counterfeit a magnetic stripe card, and all you need, basically, is a magnetic-tape card reader to get a 16-digit card number and other data," he said. "But a chip card protects that sensitive data on a microchip. It would be cost-prohibitive to attack that chip at scale, and it's never been done effectively."

Consumers won't incur any liability for fraudulent use of their new chip cards, just the same as today with magnetic stripe cards. In fact, several surveys show that roughly half of Americans generally have no idea what a chip card is or whether it is even more secure.

 

Previous Page  1  2  3 

Sign up for CIO Asia eNewsletters.