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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.