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07/15/2020
‘Tens of Thousands of Dollars’ in Fraud for Operators That Don’t Upgrade Gas Pumps to EMV, a Report Estimates
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When the big card networks this spring postponed until April 2021 the fraud-liability deadline for EMV chip cards at gas pumps, the retail fuel industry heaved a huge sigh of relief. But now estimates are emerging that indicate even relatively small gas-station operators that don’t enable their pumps for EMV by that date could face tens of thousands of dollars in monthly fraud losses for each station.
American Express Co., Discover Financial Services, Mastercard Inc., and Visa Inc. have said they will shift liability for fraud on gas pumps to the stores if their pumps can’t accept EMV. The deadline for the shift had been originally set for this fall, but the networks postponed it in recognition of the struggles merchants were having with the effects of the Covid-19 pandemic. Most other U.S. retailers adopted EMV years ago in the face of similar liability deadlines from the networks, but gas-station operators won a delay based on the complexity and expense of converting their pumps.
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