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This is mostly false. In the past, the liability was completely on the bank. In October, it switched to the merchant only if the merchant hadn't upgraded to a
by jessriedel 10y ago
This is mostly false. In the past, the liability was completely on the bank. In October, it switched to the merchant only if the merchant hadn't upgraded to a chip reader. The switchover process is continuing, and when it is complete the liability will be with the banks, as it was before.
- sokoloff 10y agoIt's been a while, but I seem to recall in a past company that for card-not-present transactions, the risk of fraud was on us, not on the bank approving the transaction.