75% is the highest number we have seen yet. It is going to be a long time before EMV is ubiquitous in the U.S. In the meantime, retailers and merchants must implement P2PE to remove clear-text cardholder data from their systems.
New research is out that shows 75 percent of retailers will not be in compliance with EMV chip cards by the October liability shift deadline, which is now three months away. This percentage is higher than in previous studies and comes shortly after the publication of a white paper from the EMV Migration Forum that explains the liability shift.
At the same time, Federal Reserve Governor Jerome Powell has urged the credit card industry to rethink the chip-and-signature verification it is pushing in favor of the more secure chip-and-PIN, which many retailers prefer, American Banker reported.
“The deployment of EMV chip cards in the United States represents an important step forward. But we should not stop there,” he told a Federal Reserve Bank of Kansas City conference in Missouri. “New approaches to authentication increasingly offer greater assurance and protection. Given the current technologies that we have at our disposal, we should assess the continued use of signatures as a means of authenticating card transactions.” Read More.