The United States is increasing its shift towards chip-and-PIN technology to meet an October 2015 deadline, but the transition has been far from easy for many businesses. It turns out 69 percent of SMBs doubt they will be able to meet the late 2015 deadline, with confusion about the technology. In fact, 26 percent of survey respondents from SMBs couldn't identify what an EMV (Europay, MasterCard and Visa) terminal is, according to Software Advice report.
The EMV technology also will prove to be rather confusing for consumers, as 88 percent of US consumers have never made a purchase at an EMV terminal.
"EMV technology is coming to the U.S., but it won't be a smooth transition," said Daniel Humphries, Software Advice IT security researcher, in a statement. "Large firms may be aware of the liability shift and what it requires, but our data shows that only a small percentage of SMBs are prepared. However, there is still plenty of time for SMBs to prepare for the chip-and-pin changeover, and take matters into their own hands. This even represents a golden opportunity for merchants to make their businesses more secure from fraud."
Last updated: Apr 6, 2020 at 08:47 pm CDT
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