EMV is a fraud reduction technology that can help protect merchants against losses from accepting counterfeit and lost or stolen payment cards at the point-of-sale. Visa, Discover and MasterCard have already announced the roadmaps for the liability shift, which is set to occur in October 2015.
With this new liability shift, merchants who haven't upgraded their checkout equipment to process transactions made with chip-based cards will be responsible if fraud should occur on that card.
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