New EMV initiative results in stores taking on Fraud liability. Is your Store now liable for credit card fraud? Annual costs of card fraud in the US alone are estimated at $8.6 billion per year and is increasing. Fraud is expected to impact mobile payments as well.
Prior to October 2015, for most counterfeit card fraud that occurred at retailers’ in-store locations, liability was with the card issuers. Since October 2015, that liability has shifted to the merchants, in certain cases, unless they have replaced or upgraded their card acceptance and processing systems to use chip-enabled devices and applications to process payment transactions.
It’s estimated that 40 percent of the world’s cards and 70 percent of its terminals deployed outside the US are already using the EMV standard. Are you Protected?
Find out if you are protected from fraudulent liability today! Call 888-953-9224 today for a free consultation.