Starting October 1, 2015, the party that provides an EMV payment acceptance option will be protected from financial liability originating from counterfeit, lost or stolen card-present transactions. For example, if a chip card is presented to a merchant who has not implemented an EMV-enabled terminal, liability for any counterfeit or fraudulent transactions will shift to the merchant. If a counterfeit magnetic stripe card (non-EMV chip card) is presented at an EMV-enabled terminal, liability will remain with the card issuer.
Articles in this section
- What is Apple Pay?
- What is the Personal Guarantee?
- How are EMV transactions different?
- Why do merchants have to worry about counterfeit, lost or stolen card fraud?
- What happens if merchants don’t upgrade their POS system to EMV?
- Who is enforcing EMV?
- Am I required to support EMV?
- What does the liability shift mean?
- What is the timing for EMV in the United States?
- What determines whether an EMV card is Chip and PIN or Chip and Signature?