Cybersecurity
U.S. Gas Stations Rush to Adopt Chip Cards After Failed Bid to Delay Deadline
- They must accept the technology by October or risk liability
- Industry faces $3.9 billion in expenses tied to the upgrades
This article is for subscribers only.
Gas stations around the U.S. are rushing to upgrade fuel pumps to accept credit and debit cards with chips after Visa Inc. and Mastercard Inc. rejected a request to delay a looming deadline to complete the work.
Beginning in October, station operators that haven’t modernized their pumps will face liability for any card fraud that happens at their businesses. The industry is “massively under-prepared,” said Joshua Smith, chief executive officer of Gas Pos, which sells point-of-sale systems.