The implementation of chip technology in payment cards has significantly transformed the landscape of fraud prevention. In October 2014, a significant shift occurred in chargeback rules, transferring fraud liability to the weakest link at the point of sale (POS). This shift mandated that any entity not equipped with chip-enabled technology would bear the fraud liability. By 2016 and 2017, this liability shift extended to automated teller machines (ATM) and interactive teller machines (ITM), prompting debit and credit card issuers to implement chip and contactless options to thwart magnetic stripe counterfeit card fraud.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 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.