The lack of credit card security in recent times due to card security breaches has caused mistrust for consumers to use EMV chip cards
A 2-year survey has concluded that more than two-thirds of buyers are worried their credit and debit cards will be hacked. The news says customers are also on edge their cards information could be stolen by identity thieves. “As recently as 18 months ago, many card users continue to worry about their credit card security than their health,” the survey says.
The survey made by a New York IT consultant, also reveals that customers are not showing much interest to use the Europay, MasterCard and Visa (EMV) chip card security system. Following a long period of credit and debit card security breaches, customers seem to have lost faith in the entire major credit cards system. In addition to this, many merchants have not seized the opportunity to educate them on the benefits of the EMV as the best-secured credit card.
EMV Chip Cards Safeguard Credit Card Security
The EMV serves as the gold standard in credit card security. It is an upgrade secure card system that is intended to frustrate the efforts of hackers and identity thieves. Consumers’ concern about credit card data security suggests that immediate action needs to be taken to provide top secure credit cards.
If merchants move forward with EMV in time, they will have an opportunity to ease these concerns proactively, increasing customer loyalty, confidence and satisfaction.
Jennifer Mazzanti, President of eMazzanti Technologies stated, “The fact that many people are worried about credit card security than their health points to the truth that for many, giving personal information to any merchant is a is not a comfortable decision.” She stressed that retailers can solve this problem by implementing the EMV. In doing so they will build trust in the security credit card, invite goodwill from customers and that will also give progressive merchants a business advantage.
In January 2016, only 37% of merchants were reported to have implemented the credit card security standard missing an October 1, 2015, conversion deadline. Though liability for credit card fraud was passed on to merchants if they were not EMV ready by the deadline, adopting the new credit secure system has been much slower than predicted. Experts, however, believe that 50% conversion rate is possible by Spring, this year.
Information from VISA advises that credit card acquirers must ask all new level 4 merchants to use only PCI-certified Qualified Integrator and Resellers (QIR) professional for the installation of POS terminals, beginning March 31, 2016.
Enoch Antwi is the managing editor at The Business Frontal. He worked as a business and an environmental journalist in the late 1990s with the Business and Financial Times. His passion is to provide on-demand valuable information and insights on business, entrepreneurship, leadership, innovative technologies, and principles for corporate success in today's business world.