Banks Should Give Consumers The Gift Of Chip And PIN This Valentine's Day

Banks Should Give Consumers The Gift Of Chip And PIN This Valentine’s Day

It has been more than four months since the October 1 “liability shift” – a deadline touted as a major step forward toward improving credit card security. However, the reality is that nothing has really changed since then for consumers. As Americans prepare to celebrate Valentine’s Day weekend with their loved ones and buy those special cards and gifts, they must not assume a false sense of security.

The one thing the October 1 date did mark is a shift in the liability (both monetary and otherwise) — from card issuers to retailers — in the event of payment fraud. Retailers were expected to update their point-of-sale payment terminals...