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 over 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 in using 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. Besides 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 should frustrate the efforts of hackers and identity thieves. Consumers’ concern about credit card data security suggest that immediate action needs to be taken to provide top secure credit cards.
EMV adoption can proactively address customer concerns and increase satisfaction and loyalty.
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 giving personal information to any merchant is a is not a comfortable decision. "She stressed retailers can solve this problem by implementing the EMV. This will help merchants gain a business advantage by building trust and goodwill with customers.
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.
Starting March 31, 2016, VISA requires new level 4 merchants to use only PCI-certified QIR professionals for POS terminal installations.
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.