Last week, Visa, MasterCard and American Expressed delayed the EMV migration deadline for gas stations from October 2017 to October 2020 — but that doesn’t mean that gas stations can now relax their EMV upgrade plans.
According to Gray Taylor, executive director at Alexandria, Vir.-based Conexxus, an industry association for the petroleum industry, gas stations need to continue to stay on top of their upgrade plans.
Gas stations that have the older magnetic-stripe card readers will become liable for fraud losses even before the deadline, if their fraud grows beyond a certain level.
Taylor estimates that the gas stations account for about $400 million of counterfeit fraud each year, and as other retailers upgrade their security, fraudsters will set their sights on gas pumps.
To read this article in full or to leave a comment, please click here