Lack of Time, Expertise Are Top Obstacles to EMV Readiness

Survey of IT experts finds that majority also think chip and PIN should be required.

July 23, 2015

ATLANTA – Two-thirds of IT decision makers, including C-suite executives, believe that chip and signature does not offer credit card holders sufficient security, and that chip and PIN should be required, according to a new survey on EMV readiness from Randstad Technologies.

The survey also found that 58% of respondents, who represent a cross-section of affected industries, are actively preparing for the EMV technology transition; however, there remains 42% that have either taken no steps or are unaware of any progress being made. A majority of respondents indicated little concern for the magnitude of risk associated with missing the liability shift deadline, with 58% stating it will have limited or no impact on their company’s bottom line.

“This survey highlights what we have been telling the card brands for years: EMV is a monumental technology shift that lacks coordinated planning, benefits and financial incentives to be successful in any measure,” said Conexxus Executive Director Gray Taylor, in response to the recently released survey results. “Further, the proposed implementation without PIN squanders the opportunity to make EMV a serious anti-fraud enhancement.” 

Taylor’s comments were echoed by Dick Mitchell, Randstad Technologies solutions director, who expressed surprise “that there is anyone — let alone 28% of respondents — who believes chip and signature is more secure than the technically superior chip and PIN.”

The survey also found that 55% of respondents think the October 1 liability shift deadline should be delayed. Both lack of time and access to technical deployment expertise were cited as the biggest obstacles to meeting the deadline.

“Because fraud liability has traditionally fallen to credit card companies and banks, consumers have never borne the brunt, and thus aren’t demanding more secure payment technology,” Mitchell said. “While businesses understand the importance of more secure payment technology, without this push from consumers, many merchants aren’t feeling the pressure to get all their affairs in order to meet the October deadline.”

For more on chip and PIN, read “Half Covered” in NACS Magazine.

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