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EMV Chip Card Overview

EMV and Contactless 101 Series: EMV Chip Card Overview
Soon every credit and debit card issued in the U.S. will contain an EMV chip--the most secure way to process in-person transactions. Named for EuroPay, MasterCard, and Visa, the EMV chip houses the card data in the microchip and produces a one-time code for each purchase, which will help reduce fraud.
What is the liability shift?
Starting on October 1, 2015, the liability shifts to businesses for fraudulent chip card transactions. This means if you accept a chip card with a magnetic stripe reader, you'll be responsible for the cost if the transaction is fraudulent.
 
October 2015 & beyond
 
Point of Sale
Transaction
Liability

 

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