Visa this week delayed by three years a deadline for fuel station owners to install payment terminals at the pump that are capable of handling more secure chip-based cards. Experts say the new deadline — extended from 2017 — comes amid a huge spike in fuel pump skimming, and means fraudsters will have another three years to fleece banks and their customers by installing card-skimming devices at the pump.
Until this week, fuel station owners in the United States had until October 1, 2017 to install chip-capable readers at their pumps. Under previous Visa rules, station owners that didn’t have chip-ready readers in place by then would have been on the hook to absorb 100 percent of the costs of fraud associated with transactions in which the customer presented a chip-based card yet was not asked or able to dip the chip (currently, card-issuing banks eat most of the fraud costs from fuel skimming). The chip card technology standard, also known as EMV (short for Europay, MasterCard and Visa) makes credit and debit cards far more expensive and difficult for thieves to clone.
A Bluetooth-based pump card skimmer found inside of a Food N Things pump in Arizona in April 2016.
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