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The PIN Is Mightier Than the Pen

US merchants have until this October to convert their payment terminals to those capable of EMV (or chip) transactions. This move has been long awaited by banks and payments companies worldwide as it is hoped that it will – among other things – put an end to the US being the primary offender related to fraud from cloned or stolen cards.

The much anticipated liability shift will be a game-changer, particularly for merchants, who will be liable for any card-present fraud committed in their store if they do not have EMV capable card acceptance technology.

The payments industry has been awash with predictions about what this will mean for card-present fraud (it will drop), card-not-present fraud (it will rise) and how American consumers will adapt to this new way of performing transaction. Read more