The transition to EMV is introducing quite a bit of confusion into consumers’ daily payments routines. It has also sparked a broader discussion in the industry around fraud and payments security. That discussion seems to be engendering a certain amount of (potentially justified) paranoia:
“When using your credit card the clerk may ask to see your driver’s license, but in many cases they are not supposed to.
“With all the identify theft that’s going on, it’s just one of those things that I prefer not to show my information,” said credit card user Wayne Van De Walker. “You don’t know who you’re dealing with on the other side of the counter.”
Security experts say the information on a person’s driver’s license could be enough to steal their identity. Despite demands from the clerk, a person does not have to hand over their ID. If they do, it is illegal for the clerk to record any information.”
The ways in which convenience, security, and privacy intersect will define, for better or worse, the future of payments.
Overview by Alex Johnson, Sr. Analysis, Credit Advisory Service at Mercator Advisory Group
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