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Tech News Sept 2016 - "Technology: Update on Chip Card Technology"

Tech News Sept 2016 - "Technology: Update on Chip Card Technology"

Tech News Sept 2016 - "Technology: Update on Chip Card Technology"

Excerpt


Technology: Update on Chip Card Technology



Back in October 2015, retailers experienced a liability shift when the onus for absorbing the cost of counterfeit transactions shifted from the banks to the individual merchants if the retailers had not migrated from swipe card systems to the newer EVM technology. Those merchants who installed EMV (chip) technology in their cash register networks by the October deadline were able to continue to enjoy liability protection from the card issuers. The ones who missed the deadline were left to do the best they could – making good on any counterfeit transactions or other thefts from scammers.


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