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.

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