SOURCE: MASS PRIVATE I
Payment-processing giants like MasterCard and Visa insist that you and your financial data will be safer once you move to “smart” credit cards that contain a computer chip. And like it or not, credit card companies are forcing merchants to make the change.
After an Oct. 1, 2015, deadline created by major U.S. credit card issuers MasterCard, Visa, Discover and American Express, the liability for card-present fraud will shift to whichever party is the least EMV-compliant in a fraudulent transaction.
In other words credit card companies are FORCING merchants to make the change or they’ll have to pay for every fraudulent purchase!
The new “smart” credit card rules are forcing banks to also hold you accountable for any fraudulent purchases! You read that right, banks can blame the customer if they feel you might have been negligent.
EMV stands for Europay, MasterCard, and Visa, which is shorthand for bank owned…
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