Originally Posted by
kebosabi
Pretty much says it all. No one wants to get stuck with a bill for debit/credit card fraud, might as well just start implementing what has worked elsewhere and let the other guys that dilly-dally foot the bill.
Yes, the banks who lag behind in securing their cards will take more of a fraud hit. However, among consumers it's an inversion. Some of the early EMV adopters will gamble (unwittingly) and take a loss for the others. Some of them will get burned, unable to prove that they didn't enter a PIN. It will take 5+ years for consumer protection laws to catch up.
Originally Posted by
kebosabi
I dunno about others, but I think it's an excellent way to attract more customers as well. If major bank A doesn't offer EMV but CU B does, heck I'd move my checking and savings accounts to CU B for sure. And if the day comes where a CU where I can join issues EMV, I will walk into my local BofA and tell them to cancel all of my accounts. When they ask for a reason, I can say "they have EMV on their debit cards."
Thanks for volunteering to take a hit for the team! It's the customers who must immediately have an EMV card that will drive the need to quickly accelerate the needed legal changes that everyone else will benefit from.
If you're not interested in taking some risk, then you might consider getting a USD EMV card issued in the UK, where the laws have been updated so that banks must prove authenticity of a transaction
beyond simply stating that the PIN was entered.
I'll still be using magstripe cards while the mess unfolds (which may mean dropping banks that force EMV on me). Then after the US laws are adequately updated, I'll be willing to accept US-issued EMV cards.
[edit]
It would be interesting to find out which countries are safe for consumers to acquire EMV cards, besides the UK. Some Europeans are still getting burned today by phantom withdrawals and fighting a battle to prove their innocence.