Chip-Enabled Card Compliance Will Hit Some Merchants Hard
Law360, New York (October 16, 2015, 11:12 AM EDT) -- On Oct. 1, 2015, a substantial portion of the liability associated with in-store fraudulent credit card purchases shifted from credit card issuers, such as banks or credit unions, to retail merchants. Credit card companies instituted the shift in a push to force merchants to adopt new EuroPay International, MasterCard Inc. and Visa Inc., or EMV, chip technology over the traditional magnetic strip readers prevalent in the United States.
EMV chip technology is considered a more secure payment system than traditional credit card magnetic strips. Each magnetic strip contains a single set of unchanging data that can be replicated and used repeatedly...
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