What does EMV stand for?
“EMV, which stands for Europay, MasterCard, and Visa, is a global standard for inter-operation of integrated circuit cards (IC cards or “chip cards”) and IC card capable point of sale (POS) terminals and automated teller machines (ATMs), for authenticating credit and debit card transactions.”
from “http://en.wikipedia.org/wiki/EMV”
What will happen on 10/1/2015?
“With this type of liability shift, the party that is the cause of a chip-on-chip transaction not occurring (i.e., either the issuer or the merchant’s acquirer) will be financially liable for any resulting card-present counterfeit fraud losses. When a transaction occurs using chip technology, any liability for counterfeit fraud, though unlikely, would follow current Visa Operating Regulations.”
from “http://usa.visa.com/download/merchants/bulletin-us-participation-liability-shift-080911.pdf”
How does EMV work?
REFERENCES/LINKS:
http://en.wikipedia.org/wiki/EMV
http://usa.visa.com/download/merchants/bulletin-us-participation-liability-shift-080911.pdf
https://www.elavon.com/security-center/elavon-security/emv
5 Responses to “VISA set to transition to EMV technology (Global POS Liability Shift Policy) by 10/1/2015”
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