Without PIN, Chip Cards Are Only Partial Step toward Security
One year after card companies’ deadline for retailers to accept new chip-based credit cards, delays by the card industry have left thousands of new chip readers unused and consumers with far less improvement in security than what was sought by merchants, the National Retail Federation said today.
“Most major retailers have done their part, but the card industry continues to drop the ball,” NRF Senior Vice President and General Counsel Mallory Duncan said. “Retailers have spent billions of dollars to install the new equipment but card companies have failed to sign off on the installations in a timely manner. Many retailers have had new chip card readers sitting next to their cash registers for a year waiting for the card companies’ blessing. We wish they cared as much about security as we do.”
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