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Now that the October EMV fraud liability shift deadline has arrived, shoe stores are top among the retail categories that are prepared—69 percent have EMV-ready terminals in place at the point of sale. In second place, 59 percent of department stores are ready for the transition, according to The Strawhecker Group.
A suspected data breach of point-of-sale systems at Hilton Hotels properties and franchised locations is being investigated. The Trump Hotel Collection also confirmed that IT security has been compromised at seven of its properties.
It's almost showtime for EMV, at least in terms of the October fraud liability shift deadline meant to spur chip card implementation. However, large numbers of consumers, retailers and financial institutions are not ready.
Hackers are increasingly attacking third party partners, like point-of-sale (POS) resellers, to break into retailers' systems through weak remote access controls—in fact, this, along with weak passwords, contributed to 94 percent of POS breaches investigated by Trustwave in 2014.
Merchant Customer Exchange's CurrentC mobile payment app is beginning its first major test in the Columbus, Ohio, market along with Target stores nationally. The app is now available to download from Google Play and iTunes, and accepts gift cards, direct checking account access, Target's RED credit card and Target debit cards. Support also includes gift cards from some MCX members, as well as gift cards, including a $4 discount offer for Huggies.
With the October fraud liability shift deadline now days away, 78 percent of small and medium-sized retailers still have not adopted EMV compliant systems, and of those, 23 percent said it is "unnecessary."
Seven months ago, Costco Wholesale and American Express said they would end their 16-year cobrand and merchant acceptance agreements next year. This week, Costco's leading competitor, Walmart division Sam's Club, will start accepting AmEx cards on Oct. 1, long before the Costco deal ends next April.