David Derigiotis, corporate vice president at Burns & Wilcox, recently sat down with Detroit’s Fox2News to discuss the changing EMV/credit card technology landscape. He also gave insight into what effect a new policy will have on retailers, consumers and the insurance industry.
Derigoitis discuses exactly how the new cards work, the rollout period for updating cards and systems, and what will happen if banks and retailers do not become EMV-compliant.
On October 1, liability for credit card fraud will rest with “whichever party is the least EMV-compliant,” says Derigiotis. This means that if a business does not supporting chip and pin technology or a bank is not issuing chip-enabled cards, they will likely bear the responsibility for the fraudulent transaction.