Credit card fraud, who is responsible? - FOX Carolina 21

FOX Carolina Investigates

Credit card fraud, who is responsible?

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Retailers are making the switch to EMV card machines. (File/FOX Carolina) Retailers are making the switch to EMV card machines. (File/FOX Carolina)

Have you heard of EMV (Europay, MasterCard and Visa) chip card conversion?

You most likely have not heard of it and you're not alone. A recent Gallup survey revealed fewer than half business owners who accept credit cards via a point of sale machine are not aware of the liability and the upcoming shift of responsibility.

Why is EMV so important and what does it really mean to me? Current annual cost in the U.S. alone for credit card fraud is estimated to be at 8.6 billion dollars. This technology has reduced credit card fraud in some countries by 84% according to Visa and EMVCo studies. EMV chip card technology helps protect consumers and merchants against counterfeit fraud by encoding the information in an encrypted microchip that changes with every transaction. This technology is much more affective than the traditional magnetic swipe cards.

Currently credit card companies are liable for credit and debit card fraud on card- present transactions. On October 1, the liability for fraud will shift to the merchant and if you the merchant or business owner do not support EMV you will assume the liability for counterfeit card transactions.

So as a consumer you need to be on the look out for your new credit cards and debit cards with the EMV technology embed into the card. If you have not received your card yet, get in touch with your bank or credit card company.

As a business owner or merchant, if you don’t have EMV enabled payment equipment, please talk with your payment provider about options. You may only need to add a pin pad, add other equipment or update your POS software.

If you would like additional information in regards to EMV technology, cost, current EMV transactions worldwide and any other aspects to the EMV switch; I have provided some additional links below.

Additional Links:

All of the above-mentioned information was written and provided by Liquid Video Technologies

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