- Many businesses won’t meet the deadline for transitioning to European-style chip-and-PIN (EMV) card technologies says a survey from Randstad Technologies.
- Only 58% of the companies surveyed say they are actively preparing for the EMV technology transition, and 55% would like to see the Oct. 1 deadline postponed.
- While 66% believe chip-and-PIN cards will help avert fraud, 58% say that a failure to meet the deadline will have limited impact on their company’s bottom line.
While more than half (58%) of businesses are preparing for the transition to EMV cards, a survey from Randstad Technologies says, the other 42% have done little to prepare for the Oct. 1 deadline. Citing a lack of time and technical skills, more than half (55%) of respondents hope that the deadline is delayed before fraud liability officially shifts from card issuers to sellers.
Businesses have been slow to implement EMV because consumers aren’t calling for it, a Ranstad official indicated. Fraud liability has traditionally been the responsibility of card issuers, and has therefore been largely invisible to card users and to an extent, the businesses from which they buy. However, two-thirds (66%) of IT professionals surveyed say that chip-and-PIN needs to be implemented to enhance security.