Starting July 22, credit unions and other card issuers may find themselves picking up some of the tab for merchants that still haven't migrated to EMV.

On that day, Visa will begin blocking all U.S. counterfeit fraud chargebacks of less than $25. American Express has said it will follow suit with a similar policy by the end of August.

"These smaller chargebacks generate a great deal of work and expense for merchants and acquirers, with limited financial impact for issuing banks," Visa said in a statement. A chargeback is a card issuer demand for a retailer to cover a loss from a fraudulent or disputed transaction.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.