Topic: US Updating Credit and Debit Cards w/ EMV Chips. Win for Bitcoin (Read 2011 times)
Good post. I like how you made the connection of the need for the Bitcoin community to really push for more online merchants to adopt/use Bitcoins. Sounds like the process will be more cumbersome with the EMV online checkouts so this is also a plus for Bitcoin IMO.
Both issuers and merchants have 18 months to completely update credit/debit cards and card readers with EMV chip technology. Because of this, fraudsters will most likely turn from skimming magstripe information to stealing information online, often referred to as "card not preset" fraud. If this in fact occurs, online merchants will see their fraud loss skyrocket. Which only means that the bitcoin community should really push for merchant adoption, focusing on bitcoin's solution to fraud and chargebacks.
Here is a great article which goes over some of the numbers behind our country's fraud loss and what EMV update means to e-commerce.
http://www.paymentssource.com/news/emv-migration-means-card-not-present-fraud-is-on-deck-for-issuers-3017819-1.html
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Here is a great article which goes over some of the numbers behind our country's fraud loss and what EMV update means to e-commerce.
http://www.paymentssource.com/news/emv-migration-means-card-not-present-fraud-is-on-deck-for-issuers-3017819-1.html
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