In the payment security space, the news is almost impossible to ignore. EMV chip-enabled cards are coming, along with an incredibly important fraud liability shift. As of October, whichever party (issuers or merchants) is not EMV compliant will take responsibility for fraud and all related chargebacks.
In a post covering the Fraud Summit here in Chicago in May, we discussed the growing concern over whether or not merchants will be able to meet the rapidly approaching deadline. The concern though, isn’t with the big box merchants, many of whom are already compliant - it’s with the smaller merchants who don’t have the technical support and cash that the larger companies have to implement overhauls of this size and scope.
Unfortunately, a recent survey by Wells Fargo confirms the suspicions that these smaller merchants won’t be ready. In fact, 68% of the small business owners surveyed in early July weren’t even aware that the EMV shift was happening.