Retailers need to start preparing for the EMV liability shift coming in October 2015. This liability shift means that if the retailer has not upgraded to an EMV terminal, and there is a transaction with a counterfeit card in the store, the retailer will take responsibility for the loss resulting from the counterfeit cards.
Here is what you need to know about the EMV liability shift:
• The EMV chip is aimed at preventing transactions with counterfeit cards, not lost or stolen cards
• Make sure you have EMV-certified terminals that can accept credit cards with EMV chips
• Most EMV cards will use PINs in addition to the chip
• EMV payment technology prevents fraud by storing cardholder data and security keys within the chip, so the data can’t be used to create another chip card if copied
Want to learn more? Take a look at our infographic or watch NRF’s video “7 Questions About America’s Credit Card System Answered.”