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With the vast majority of chip and pin schemes the liability for fraudulent transactions still falls on the bank, unless the merchant/processor hasn't implement
by hx87 10y ago
With the vast majority of chip and pin schemes the liability for fraudulent transactions still falls on the bank, unless the merchant/processor hasn't implemented chip and pin, in which case it falls on them.
- mikeash 10y agoWhen I think of "chip and PIN" my first thought is of the UK for some reason, and the UK is one of those that tries to put some liability on the cardholder. In the US, our experience with PINs is mostly around debit cards. Those have significantly weaker fraud protections for debit transactions with a stolen PIN, up to $500 if you don't notice the fraud until after two days, and unlimited if you manage to miss it for two months.