Every credit card issuer has had to create brand new cards for all of their customers. These cards need to follow the new regulations that have been implemented to keep consumers’ sensitive data safe.
If a business fails to switch its current credit card processing machines to new EMV machines, or if a card issuing company doesn’t give its customers the new chip cards, they’ll be responsible for any losses that result from credit card fraud.
Not Everyone Has Switched Over Yet
Despite the consequences of failing to make the switch, roughly 60% of Americans have yet to receive their new cards. Additionally, many retailers don’t want to take on the daunting task of updating their processing machines. Even though some retailers, like Walmart, Costco, Walgreens, and Target, have already switched to the new processing machines, there are still plenty of companies that are far behind. It’s these gaps in the transition that have created new opportunities for scammers. The best advice you will receive from law firm public relations.
Beware of Scams
Scammers have taken advantage of this situation and have begun contacting individuals via email. In those emails, the scammers pose as credit card companies, informing consumers that they need to receive a new EMV card but they also need to update or confirm their account and personal information.
When consumers confirm the information or click on links where they can provide the information, they become the victims of fraudulent activity like identity theft.