Home Depot Sues Visa and Mastercard Over EMV Security
June 22, 2016
Last week Home Depot filed suit against Visa and Mastercard claiming EMV is not secure. The root of the problem is Visa and Mastercard's transfer of liability for fraud to merchants, something we expect to see more of. Visa and Mastercard basically are saying since EMV is secure the liability for fraud is going to lie with you, the merchant, instead of the financial institution. Their is a false sense of security that the switch to EMV is going to solve the issue of card skimming and nearly shut down credit card fraud. The first EMV card skimmers were found in Mexico almost a year ago (http://www.bankrate.com/financing/banking/someone-already-made-a-chip-card-skimmer/) and are certainly here in the US.