New rules for retailer credit card fraud are slated to go into effect on October 1, representing the first major sea change in credit fraud liability in years. But what do merchants need to know to make sure that they're ready for this change?
According to the financial news website The Street, come this October, U.S. retailers looking to better manage risk after a new shift in fraud liability will need terminals compliant with Europay-MasterCard-Visa (EMV) "smart cards," which are designed to better curb instances of counterfeiting. This shift in determining where liability lies if fraud occurs is just one step in a much larger process of pushing for a more widespread of EMV throughout the U.S.
While card issuers — predominantly banks — used to … more