50% of retailers are not prepared for the EMV deadline

Friday 23 January 2015 00:34 CET | News

With 9 months remaining until the EMV migration deadline, retail and technology professionals are still unprepared, a recent survey shows.

According to a report conducted by ACI Worldwide, nearly one quarter of respondents are still not fully prepared for the migration to Chip and Pin technology, despite the impending October 2015 deadline. Of the retailers surveyed (55% of total respondents), 14% still have work to do, 19% are not prepared and 22% are still evaluating their options.

Findings indicate that more than half (59%) of respondents cited that 2014’s data breaches have impacted investments in payment security initiatives. 39% have already increased investments in payment security initiatives while 20% indicated they plan to increase investments in payment security initiatives over the next 12-24 months.

The survey found a notable lack of urgency regarding the migration to chip and pin technology. EMV is the global standard for credit and debit card payments. The industry deadline for US retailers to adopt EMV technology is October 2015, at which point retailers without EMV-enabled point-of-sale systems will become liable for credit card fraud at their locations. Just 12% of retailer respondents are already compliant, while 19% are confident they will meet the October 2015 deadline.

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Keywords: online fraud, online security, cards, EMV, retailers, data breaches, credit card fraud
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime