Over a month and a half after the liability shift date for EMV payment transactions and long after most issuers and merchants have committed to an EMV migration strategy, several attorneys general decided it was time that they expressed their support for a chip and PIN approach for EMV cards rather than chip and signature. As reported by Consumer Affairs:
Attorneys general of eight states and the District of Columbia have signed a letter to the nation’s top credit card companies and banks, calling for the use of personal identification numbers rather than signatures to approve purchases made with new chip-based credit cards.
The Connecticut Attorney General says that the intent for their comments is to encourage the use of PINs for credit cards, not to mandate them. At least not at this time:
In their letter, the attorneys general downplayed claims that using a PIN would be a hassle for consumers, noting that consumers already use PINs with debit cards. The attorneys general made clear they were not seeking legislation requiring PINs, but rather calling on card companies and banks to make the change “as good corporate citizens.”
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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