NEW YORK—A new study reveals that despite the prevalence of chip cards, crooks are still stealing significant dollars at the point of sale.
The big reason, says Gemini Advisory, is that a number of merchants are not still not complying with EMV and asking consumers to swipe their chip card, placing their card data and funds at greater risk.
Gemini Advisory found that 45.8 million credit and debit card numbers were stolen from a physical point-of-sale terminal in a brick-and-mortar store.
Ninety percent of those cards were EMV-enabled cards.
"These results directly reflect the lack of U.S. merchant compliance with the EMV implementation," Gemini stated in an Ars Technica report. “While nearly everyone in the U.S. has had their old magnetic stripe cards replaced with new cards that have a chip, it's not uncommon to try to pay for something at a brick-and-mortar store with a chip card, only to be asked to swipe the magnetic stripe on the back.”