The EMV Migration Forum has released “Understanding the 2015 U.S. Fraud Liability Shifts,” a document meant to help payments industry members in the U.S. better understand their rights and responsibilities following EMV implementation deadlines.
With October fast approaching, many card issuers, merchants and processors implementing EMV chip technology are asking who is liable for what — and when — under the fraud liability shifts, according to a press release from the forum.
“What the fraud liability shifts mean is often unclear to payments stakeholders that are just beginning to learn about or migrate to EMV chip technology,” said Randy Vanderhoof, director of the EMV Migration Forum. “As October gets closer, it’s crucial that stakeholders understand what the shifts are, what their responsibilities will be, and what this means for their business. This document simplifies essential information surrounding the liability shifts to help stakeholders meet these dates and to streamline the migration to chip technology.”