Alas, with the implementation of the EMV in the United States, the
Credit Card industry and merchants can breathe some sigh of relief. At least it
is better late than never as the wise saying goes. For the most part, Europe
and other countries embraced EMV with open arms but the U.S. fought really hard
to keep it from its shores. In the end, the cybersecurity threats, barrage of
high profile breaches, and its impact on the average American pressured the U.S
to finally accept EMV implementation.
According to PCI and Credit Card Fraud
experts in the industry, EMV is the best way forward. However, Citizens
Financial Group Tim Webb offered to the contrary that the chip-based cards and
the usage of signature instead of PIN will not help protect the U.S. consumer
from fraud.
But with the success of the encrypted computer chips in nations that have EMV standard instead of magnetic stripes,
the EMV acceptance will substantially grow in the U.S. within the next few
years according to Eric Chabrow in his October 2014 article: EMV Rollout: Are
PINs Essential? Most experts also contend that chip-based cards "provide
far better security than magnetic stripes cards, but that the e-commerce will
be a major front where fraud will substantially grow."
Whatever the short-term outcome, the
future of EMV globally is bright and the U.S will benefit immensely from its
implementation.
See also: