Things just keep getting worse for the EMV transition. Due to take effect in October of this year, the EMV liability shift has experienced its fair share of ups and downs. Between consumers not knowing what to do with their new cards and banks not being ready for the shift, hopes of a smooth transition seem to be diminishing. The latest news, however, is especially concerning—more than half of U.S. merchants are unaware of the liability shift.
What the EMV Liability Shift Means
On October 1st, 2015, the EMV liability shift will occur. This means that if retail merchants in the U.S. are not up-to-date with the latest POS hardware and credit card terminals to accept chip cards, they will be held responsible if they are targeted by fraudsters. Businesses will be held liable for all damages that occur, and could have to pay large expenses in the event of an attack. With credit card fraud rates at all time highs, the risk is too large to ignore.
Increasing EMV Liability Awareness
The recent study from Wells Fargo, only 49% of merchants were found to be aware of the shift. This leaves up to 51% of merchants unaware, which is troubling news for both those merchants and financial institutions.
Efforts have been made by Visa, MasterCard, and other organizations involved with the EMV transition to educate and inform both merchants and consumers about the EMV transition, but those seem to be falling short of their goals. It seems it might be necessary to return to square one and focus on spreading awareness.
The best way to do this is if everyone works together. Small businesses may not receive too much communication on EMV news, so the best way to increase awareness is by word of mouth. If you’re a business owner and you’re aware of EMV, make sure your fellow merchants know about what’s going on. They can then turn to their credit card processors or merchant account providers for more information.
Staying Up To Date with Instabill
Instabill has been proactive in keeping merchants and consumers informed about the changes going on within the payments industry. Our News Center regularly features articles on the EMV liability shift and what merchants can expect to encounter this October. For more information, simply head over to our News Center and browse through our articles, or search for “EMV.”
