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President Signs Executive Order Supporting Migration to EMV
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KBurger
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KBurger,
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10/19/2014 | 11:07:14 PM
Re: It couldn't hurt ...
All the evidence is that it is definitely more effective than the mag stripe. But one of the questions, more for the long term, is around mobile payments, which won't use either method. That will be one of the interesting things around Apple Pay, since it uses biometric security.
Nathan Golia
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Nathan Golia,
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10/19/2014 | 11:03:39 PM
Re: It couldn't hurt ...
It's good to see the government taking POS security seriously in the wake of major breaches, but is chip and pin the right road? Some of our friends across the pond refer to it as "chip-and-pain."
Jonathan_Camhi
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Jonathan_Camhi,
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10/17/2014 | 4:02:27 PM
Re: It couldn't hurt ...
Yes, but even with government support EMV terminalization is going to be a long road, especially for the smaller businesses that will have trouble paying for the new payments terminals. American Express' initiative in that area might be one of the more important announcement coming out of this executive order.
KBurger
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KBurger,
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10/17/2014 | 3:59:57 PM
Re: It couldn't hurt ...
That's a good point. It's a fact that if one opening closes up, the criminals will quicklly look for (and find) another.
Jonathan_Camhi
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Jonathan_Camhi,
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10/17/2014 | 3:54:33 PM
Re: It couldn't hurt ...
I think in terms of the effect on consumers, the things being done around identity theft will actually have a bigger impact than the EMV stuff. Making credit scores more widely availble for consumers is very impotant to resolving cases quickly. EMV will definitely make an impact on in-store fraud, but I think everyone expects that that will in turn lead to an increase in Card Not Present fraud.
KBurger
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KBurger,
User Rank: Author
10/17/2014 | 3:45:16 PM
It couldn't hurt ...
Let's hope that identitytheft.gov doesn't get hacked (and that its rollout goes more smoothly than the rollout of healthcare.gov did). I see an initiative like this as "it couldn't hurt" but in and of itself I don't see this making much of a dent in card-related fraud. I guess it's good that there is federal support behind broad adoption of EMV.
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