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This is why your credit card still isn’t safe

February 27, 2015, 2:48 PM UTC
Photograph by Andrew Matthews — PA Wire/AP

The rollout of new technology meant to keep your credit cards more secure is taking longer in the U.S. than expected, according to two recent surveys by CreditCards.com.

Just 31% of cardholders have a card equipped with a new microchip meant to prevent forgeries, USA Today reports.

Time is running out for retailers to ensure they can accept microchip-enabled cards. Come October, they will be liable for any fraud that occurs with less secure cards, according to Computer World.

Only 47% of retailers are expected to have the technology to read the cards by the end of the year, said the Payments Security Task Force, a group of electronic payments companies. Matt Schultz, a senior industry analyst with CreditCards.com, told USA Today the following:

The deadline is rapidly approaching, and progress has been slow. Most cardholders don’t have a chip card yet, and if they did, they’d probably have trouble finding a place to use it.

Interestingly, wealthier cardholders have a higher chance of already having a chip card. Of people with at least $100,000 in investable assets, 49% had the new cards. The surveys also showed that younger cardholders were more like to have a chip card, including 43% of millennials versus just 21% of the elderly.