On October 1, 2015 the US was asked to add EMV chips to all credit cards. Pamela Andrews of Performance Merchant Alliance says “Banks have done their part, and virtually all credit cards in use have the mandated EMV chip.” Andrews continues, “The problem is at the merchant level now. Merchants are continuing to swipe, even with the correct enabled terminals in their business.”
Old habits are hard to break. The credit card magnetic strip has been in existence since the start of credit cards. In our economy, not only can the register clerk process your card, but the customer has access to swipe as well. The next problem to eliminate fraud is a merchant problem. Approximately 40% of all merchants have not switched over to EMV compliant terminals. Slowly but surely more merchants are switching, but the numbers are not coming down fast enough.
You may have read about the latest credit card breaches with major retailers like Target, and most recently Wendy’s. Credit card information was obtained fraudulently from millions of individuals using these two business. If you have shopped at either of these businesses in the last 6 months, then you need to be vigilant with your personal credit.
Credit card fraud is getting harder and harder to do in the US, and until all merchants are compliant with their terminals and we “stop the swipe” we will have to still deal with unscrupulous individuals looking to steal your information.
Performance Merchant Alliance is a merchant services provider. You can reach them at: www.permerch.com
Company Name: Performance Merchant Alliance
Contact Person: Pamela Andrews
Phone: (844) 584-3108
Country: United States