According to a survey by The Strawhecker Group (TSG), only 34% of U.S. retailers were up and running on EMV in time for the October 1, 2015 deadline.

The fact that so many U.S. retailers have been so late in adopting EMV has actually created a fraud scenario for them that isn’t pretty.

Here’s why … The problem that EMV chip and pin technology solves is the ease with which fraudsters can skim data from the magnetic stripe on traditional cards to create counterfeit cards.

France was the first large economy to embrace EMV technology in 1986. They experienced a big drop in overall fraud for card-present transactions, which prompted the UK to adopt EMV in 2003. Australia and Canada followed suit beginning in 2007.

Fast-forward to the year 2015. The U.S. is the last major economy in the world to implement EMV chip and pin technology. The fraudsters who previously operated in countries that have made the switch to EMV are now focusing on U.S. retailers where the pickings are still easy.

As a direct result, in 2012, the U.S. accounted for a whopping 47% of all credit card fraud in the world despite having only 23% of global credit card use.

This was no big deal for U.S retailers up until October 1, 2015, because they never had to assume the financial liability for that fraud.

After that date, however, the liability for fraud resulting for a card-present payment transaction became the responsibility of all retailers who had not yet made the switch to EMV.

Most Tier 1 retailers were successful in making the transition to EMV by the October liability shift date, so they are no longer financially responsible for fraudulent credit card transactions moving forward.

As expected, fraudsters are now shifting their attention to the majority of Tier 2 and smaller retailers who have not yet adopted EMV.

Total credit card fraud in the U.S. was forecasted to be more than $10 billion by the end of 2015. As a retailer, do you want to be on the receiving end of that financial responsibility?

Again, according to a survey conducted by TSG, the latest estimate is that only 53% of retailers will be fully compliant by end of 2017. Ouch to the bottom lines of those remaining 47%!

The longer it takes you to implement an EMV solution if you haven’t already done so, the bigger the financial risk you will ultimately bear.

You may still be sitting on the fence because you aren’t sure what your need or the best way to proceed. At RedIron, we’ve done more than 25 EMV implementations in Canada and the U.S. so we have some insights to share that might be helpful to you now.

We invite you to download our white paper entitled, “7 Lessons Learned From 25 EMV Implementations” by clicking on the graphic below.

We hope you will find these lessons learned helpful in planning for a quicker implementation of EMV.

EMV White Paper Download