Responding in The Hill to claims by a retailer trade group, ABA SVP Doug Johnson made the case today that the chip in new EMV cards is the key to securing card transaction — not the PIN, as retailers have argued.
Browsing: Chip and EMV
As part of ABA’s efforts to help bank customers understand the ongoing EMV chip card transition, ABA SVP Doug Johnson will participate in a nationwide radio tour this morning, reaching more than 11 million listeners on 2,000 stations across the country.
With the liability shift for EMV card technology coming up on Oct. 1 and many customers receiving chip-enabled cards in the mail, ABA has released a new infographic and is running a radio ad to help the public understand the new technology.
At a Capitol Hill event on payment security technology yesterday, ABA SVP Bill Boger represented the financial services industry and emphasized the importance of innovation and dynamic technology in stopping card fraud.
ABA this week is running ads in Capitol Hill publications and on D.C.-area talk radio stations urging Congress to let the payments industry continue to develop innovative solutions to secure payments — and not mandate static technologies such as chip-and-PIN, which is fast becoming out of date.
As many as three-quarters of all merchants may not have implemented EMV chip card technology before the Oct. 1 liability shift, according to a report last week from Javelin Strategy and Research.
All participants in the payments system must work together to ensure that payment innovation advances safely, Federal Reserve Governor Jerome Powell said today at a payments conference in Kansas City.
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Nearly two-thirds of consumers have not heard of chip card technology — also known as EMV — even though 80 percent are concerned about the security of their debit and credit transactions, according to a recent survey commissioned by Chase, which said it will have converted more than 70 percent of its cards to EMV by the end of 2015.