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The first hard date for when liability for magstripe fraud starts switching from credit card companies to merchants is this October.
by zyxley 12y ago
The first hard date for when liability for magstripe fraud starts switching from credit card companies to merchants is this October.
- c22 12y agoMy understanding is that merchants are already liable in most cases. What happens in october is the possibility for the bank to be liable in case the merchant supports chip and pin but the bank does not.
- misaelm 12y agoI'll just add that starting in October, the merchants will be liable for magstripe transactions completed with counterfeit cards but not for those coming from other type of frauds (e.g lost/stolen cards) as long as the merchants have proper card acceptance procedures.