By Tammy Mastroberte, Convenience Store News – 03/03/2020
NATIONAL REPORT — It’s been pushed back multiple times, but the deadline for retailers to be EMV compliant at the pump is set for October 2020, and it doesn’t look like it will be pushed back again.
“The Merchant Advisory Group reached out to Visa and Mastercard directly to ask for a delay and they were told ‘no,’” Linda Toth, director of standards at technology nonprofit organization Conexxus, told Convenience Store News.
On Oct. 1, the liability for fraudulent transactions will shift from the credit card companies to the retailers. There are two types of fraud: counterfeit, and lost and stolen. The credit card companies have been accepting liability for the counterfeit, which is 90 percent of the fraud out there now, Toth explained. If a retailer is EMV compliant, they will not be responsible for that counterfeit fraud or lost and stolen. However, if they are not compliant, they will be liable for it come October.
“We reached out to the card brands to try and understand the potential fraud, and three out of the major four gave us data for 2018 and 2019,” Toth said. “In 2018, the fraud was $299 million annually just for automated fuel dispensers. We are looking at a 23 percent year-over-year increase in fraud at the pump. That means by 2020, it will be $451 million annually and if a retailer is not compliant, they will share a piece of that.”
In order to become EMV compliant at the pump, retailers need to install an EMV-capable dispenser …
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Source: csnews.com