Implementation of EMV chips

Have you ever seen a credit card with a small metal chip on it and wondered why it was there? That chip is the EMV chip. EMV stands for Europay, Mastercard, Visa. These companies came together to create a standard by October 2015 to implement a chip that will be on your debit/credit cards. This chip allows for safer transactions between merchant and consumers by adding additional security. In order for this feature to work, both the card and the POS system must be EMV complaint. This new standard also shifts the liability of fraudulent charges. The liability of not implementing the EMV standard will mean that the company that does not have the EMV feature would be the one liable for the fraud cost. The resistance to this chip is from the cost of implementing it into their systems. The companies have to upgrade their system in order to have the EMV feature. Having this feature will create less fraud and keep customers information more secured.

http://www.entrepreneur.com/article/244354

1. Do you think retailers will implement this system earlier rather than later?

2. Will you shop at a retailer that does not have a EMV enabled system?

3. Have you ever had fraudulent charges on your debit/credit card?