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emv payments and fraud

If you are a merchant that accepts credit cards or a credit card issuer, the risk to your livelihood will potentially change exponentially on October 1, 2015. Your liability could increase or it could decrease – but it will change. 

The good news is that you have the opportunity to control what happens. 

The change that is slated to occur in the credit card industry on Oct. 1, 2015 is known as the liability shift, which is part of a larger initiative to convert credit cards that currently use magnetic strip technology to credit cards that use chip technology. The initiative and chip are often described as EMV, which stands for Europay, Mastercard and Visa. The conversion, which has been in the works for several years, affects credit card issuers and merchants who accept credit cards.         

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