Most Americans Have Not Received Their EMV Cards
If you have not yet received your new chip-embedded credit card, you are not alone. A new poll from Associated Press-Gfk reveals only one in 10 Americans have received their EMV cards. This news is rather surprising, since the deadline for EMV transition is October 1.
Of the roughly 10% of Americans who have received their chip-enabled cards, two-thirds still use their cards as if the chips do not exist. Many of the most popular retailers currently have EMV credit card machines in their stores, but that does not mean that people are utilizing them. This may be a lack of knowledge or simply a byproduct of personal habits.
In October, stores that have not upgraded to accept the new chip credit cards could be held liable for fraudulent charges that take place. Currently, credit card providers and processing companies are the ones held liable for unauthorized transactions. The new chips are very hard to forge, and banks want to transition to the new cards to cut down on their fraud losses.
Even though big companies have adapted to the EMV transition, small businesses across the country remained unprepared or unaware of the changes needed in their business. Just last week, a report from Wells Fargo and Gallup revealed that only 29% of small businesses plan to upgrade their card processing systems by the October deadline.
If you have not yet received your new chip-embedded card, you can contact your bank or credit card provider to find out when you may expect it. You may also be able to request a new card in advance, if they are not planning on releasing them to their customers automatically.