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      "title": "The EMV Chip Card Transition: Background, Status, and Issues for Congress",
      "summary": "Consumer financial card fraud due to data breaches of card information is an ongoing problem in the United States. The majority of breaches are carried out against point-of-sale (POS) systems, and are facilitated by what many consider to be the weak link in the U.S. retail sales payment process: the continued use of magnetic stripe cards (also referred to as stripe-and-signature cards). These cards are still what most U.S. consumers think of when referring to financial cards. \nIn much of the rest of the world, cards that provide a much higher level of security for conducting sales transactions have been used for many years: EMV cards, named for the coalition of card brands Europay, MasterCard, and Visa (the EMV Coalition or EMVCo) that developed the specifications for the system in the 1990s. EMV cards store card information on an embedded microchip and are more commonly called chip cards. With these cards, instead of swiping and signing to make a payment, the cardholder inserts the card into the POS machine, then either enters a personal identification number (PIN) or signs to verify the transaction. \nOn October 1, 2015, the liability for fraudulent transactions involving magnetic stripe cards shifted to the entity\u2014card issuer (e.g., bank, credit union) or merchant\u2014that had not yet made the transition. The transition makes U.S.-issued cards compatible with POS systems and automated teller machines in much of the rest of the world. On October 1, 2016, a new liability shift will occur: automated teller machines (ATM) that accept MasterCard branded cards must be EMV operational. ATMs that accept Visa-branded cards have an additional year to be operational.\nThe 114th Congress may examine the transition and its effectiveness to determine whether any legislative action is needed, especially if major breaches continue to occur despite the transition.",
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      "title": "The EMV Chip Card Transition: Background, Status, and Issues for Congress",
      "summary": "Consumer financial card fraud due to data breaches of card information is an ongoing problem in the United States. The majority of breaches are carried out against point-of-sale (POS) systems, and are facilitated by what many consider to be the weak link in the U.S. retail sales payment process: the continued use of magnetic stripe cards (also referred to as stripe-and-signature cards). These cards are still what most U.S. consumers think of when referring to financial cards. \nIn much of the rest of the world, cards that provide a much higher level of security for conducting sales transactions have been used for many years: EMV cards, named for the coalition of card brands Europay, MasterCard, and Visa (the EMV Coalition or EMVCo) that developed the specifications for the system in the 1990s. EMV cards store card information on an embedded microchip and are more commonly called chip cards. With these cards, instead of swiping and signing to make a payment, the cardholder inserts the card into the POS machine, then either enters a personal identification number (PIN) or signs to verify the transaction. \nOn October 1, 2015, the liability for fraudulent transactions involving magnetic stripe cards shifted to the entity\u2014card issuer (e.g., bank, credit union) or merchant\u2014that had not yet made the transition. The transition makes U.S.-issued cards compatible with POS systems and automated teller machines in much of the rest of the world. On October 1, 2016, a new liability shift will occur: automated teller machines (ATM) that accept MasterCard branded cards must be EMV operational. ATMs that accept Visa-branded cards have an additional year to be operational.\nThe 114th Congress may examine the transition and its effectiveness to determine whether any legislative action is needed, especially if major breaches continue to occur despite the transition.",
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      "date": "2016-02-26",
      "retrieved": "2016-04-06T16:59:33.925254",
      "title": "The EMV Chip Card Transition: Background, Status, and Issues for Congress",
      "summary": "Consumer financial card fraud due to data breaches of card information is an ongoing problem in the United States. The majority of breaches are carried out against point-of-sale (POS) systems, and are facilitated by what many consider to be the weak link in the U.S. retail sales payment process: the continued use of magnetic stripe cards (also referred to as stripe-and-signature cards). These cards are still what most U.S. consumers think of when referring to financial cards. \nIn much of the rest of the world, cards that provide a much higher level of security for conducting sales transactions have been used for many years: EMV cards, named for the coalition of card brands Europay, MasterCard, and Visa (the EMV Coalition or EMVCo) that developed the specifications for the system in the 1990s. EMV cards store card information on an embedded microchip and are more commonly called chip cards. With these cards, instead of swiping and signing to make a payment, the cardholder inserts the card into the POS machine, then either enters a personal identification number (PIN) or signs to verify the transaction. \nOn October 1, 2015, the liability for fraudulent transactions involving magnetic stripe cards shifted to the entity\u2014card issuer (e.g., bank, credit union) or merchant\u2014that had not yet made the transition. The transition makes U.S.-issued cards compatible with POS systems and automated teller machines in much of the rest of the world. \nThe 114th Congress may examine the transition and its effectiveness to determine whether any legislative action is needed, especially if major breaches continue to occur despite the transition.",
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      "id": "R43925_2015Nov27",
      "date": "2015-11-27",
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      "title": "The EMV Chip Card Transition: Background, Status, and Issues for Congress",
      "summary": "This report describes the financial harm caused by data breaches and explains how those breaches are carried out, and discusses resolved and remaining impediments to completing the EMV transition in the United States and identifies areas of potential congressional interest.",
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      "title": "The EMV Chip Card Transition: Background, Status, and Issues for Congress",
      "summary": "This report describes the financial harm caused by data breaches and the impact of EMV (Europay, MasterCard, and Visa) chip cards on fraud. It provides information about the effect of the transition in selected foreign countries and discusses resolved and remaining impediments to completing the EMV transition in the United States. It also identifies areas of potential congressional interest.",
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