The window of opportunity is shrinking for hackers at gas stations, as station owners prepare to integrate EMV technology.
October 1, 2017 is the deadline for the installation of EMV payment technology at fuel pumps, but many fuel retailers are looking to have the technology installed by September of 2017.
As fuel retailers work to upgrade their technology at the pump, they are sure to encounter some technical difficulties at the pump, just as the in-store upgrades had caused over the past year, CNBC reported.
In addition to making transactions at the pump more difficult for consumers, these new upgrades are going to be quite costly to retailers, as the technology can cost as much as $17,000 per fuel pump, meaning the new update is going to cost stations and convenience stores about $6 billion, according to CNBC. Additionally, some gas stations and convenience stores will have to remove entire pumps in order to install the new technology, as retrofitting existing pumps can cost more than $6,000, and the decrease in the number of available fuel pumps may cause inconvenience to drivers during next year’s summer driving season.
While approximately 150,000 gas stations and convenience stores are poised to be part of the next leg of implementation for the EMV software, CNBC reported that some stations may choose to delay installing EMV card readers until after the Oct. 1, 2017 deadline, but this will make them vulnerable to hackers and will likely set them up for greater losses.
Despite the potential technological issues and the cost, this software will be beneficial to business owners, as it will assist them in fighting back against fraud at the pump, as hackers have been increasingly targeting gas stations that do not yet possess EMV compliant technology, CNBC reported.
