Today is the day. Liability for "card present" fraud shifts to the party who is the least EMV compliant in the transaction. I warned you this was coming last month. I've got my chip card ready to go. So far, the only place that takes it is Target.
1.2 billion credit and debit cards and 12 million terminals need to be upgraded to be EMV compliant, and that is going to take awhile. About 40% of retail locations will be EMV compliant by the end of 2015. About 60% of credit cards and 25% of debit cards will be compliant by the end of 2015. It costs about $3.50 to issue a new EMV compliant card. And, the average cost for an EMV compliant point of sale terminal is between $500-$1,000. (Source is Creditcards.com).
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