October 1, 2015 marks the date on which fraud liability shifts for all non-EMV-enabled POS devices (except for automated fuel dispensers at gas stations). U.S. Banks have already started issuing EMV-enabled cards. It is expected that there will be 166 million EMV credit cards and 105 million EMV debit and prepaid cards in circulation by the end of 2015. It is also estimated that 70% of the issuers in the U.S. will have implemented EMV cards by the 1st quarter of 2016.
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?