As most know, the majority of US businesses must transition to EMV-capable technologies for credit cards by Oct. 1, or become liable for any costs incurred from fraud using old magnetic-strip technologies. As the transition deadline looms, research shows that 42% of IT decision makers, including C-level executives, have either taken no steps or are unaware of any progress being made to meet the mandate.
According to a survey on EMV readiness from Randstad Technologies, lack of time and lack of technology deployment expertise were cited as the biggest obstacles to meeting the two-month-away deadline. Also, a majority of respondents indicated little concern for the magnitude of risk associated with missing the liability shift deadline, with 58% stating it will have limited or no impact on their company’s bottom line.
The report also found that only 66% of IT decision makers, including C-suite executives, believe that chip and signature offers credit-card holders insufficient security, and that chip and PIN should be required.
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