Originally Posted by
JEFFJAGUAR
Or the government can get off its butt and begin requiring emv cards; which is basically the way, as I understand it, it happened in Great Britain. We have this thing in our country that only the free market works but then again, it is the role of government to act in the best interests of the public. Some times I think our total reliance on the free market in this country operates to the detriment of the general public.
Surprisingly, the US gov't can do exactly that now. The Durbin Amendment which took affect this October which was part of the Dodd-Frank Wall Street Reform and Consumer Protection Act actually has a clause that states:
Originally Posted by Durbin Amendment
1) A prescriptive rule, where the Federal Reserve picks a list of fraud-prevention technologies, and allows issuers to increase their interchange rate by some amount to cover the cost of implementing one or more of those technologies;
as a method for banks to go over the interchange fee cap if they implement said fraud prevention technologies outlined by the US gov't.
Of course as this pertains to debit interchange fees, this is limited to debit cards, but considering that debit cards can be treated like a credit card as it is today by swiping and signing; the momentum to push for EMV cards is plausible from Durbin.
You can read about the said analysis here:
Why The Fed Should Use Durbin To Push EMV
In addition to that, we also have
VISA announces plan to drive chip card and mobile payment adoption by providing incentives such as waiving the cost to renew their PCI-DSS checks for merchants that start installing newer payment terminals that accept both the EMV chip and the VISA PayWave system.
So we do have lots of balls rolling in the background. However, for most US banks, it's still a "wait and see" approach, unless of course a paradigm shift starts to occur. My take is, this seems to be happening too
Anyone else seeing increased fraud on cards?