EMV transition will still leave security gaps

This October, US merchants and payment providers are scheduled to switch to new, more secure, chip-based payments. But financial transactions aren’t going to become safer overnight, since the majority of merchants are still not ready for the switch, magnetic stripes aren’t actually going away, some merchants link loyalty programs to payments, and because the new chip technology will do nothing to improve the security of online shopping.

According to a recent report from Javelin Strategy & Research, as many as 75 percent of merchants will miss the October deadlines.

Smaller merchants, in particular, are far behind, with cost cited as the biggest obstacle to migration, according to Javelin.

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