After an Oct. 1, 2015, deadline created by major U.S. credit card issuers MasterCard, Visa, Discover and American Express, the liability for card-present fraud will shift to whichever party is the least EMV-compliant in a fraudulent transaction.

Consider the example of a financial institution that issues a chip card used at a merchant that has not changed its system to accept EMV card technology. This allows a counterfeit card to be successfully used. The cost of fraud will be on the merchant.

Any merchants not EMV-ready by October 2015 could face much higher costs in the event of fraudulent transactions.
















Read more: http://www.creditcards.com/credit-card-news/emv-faq-chip-cards-answers-1264.php#ixzz3agfNI9Wl