CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » What to know before Oct. 1 EMV liability shift
Policy & Issues

What to know before Oct. 1 EMV liability shift

September 30, 2015

WASHINGTON (9/30/15)--Thursday marks the effective date of the “liability shift” for payments system participants using EMV card technology.

EMV, which stands for Europay, MasterCard, Visa, cards utilize an embedded chip to transfer payment information, with authentication provided by the use of a PIN and cryptographic algorithms.

Oct. 1 marks the date when major card companies will shift liability for point-of-sale, card-present to the entity that is the least EMV-compliant. If either the merchant or card issuer is the cause of the transaction occurring without use of an EMV chip, that entity will be held financially liable for any resulting fraud.

093015EMV

EMV Migration Forum graphic

If neither or both entities are EMV compliant, the fraud liability will remain unchanged.  

Tomorrow’s liability shift date contains an exception for transactions conducted at automated fuel dispensers, those most be compliant by Oct. 1, 2017.

A number of resources are available for those with questions about EMV technology. Those include:

  • News Now, which has published a number of articles, including one on what to look for when issued an EMV card, one focused on the implementation process and one on the card security road map for 2015 and beyond;
     
  • CUNA’s CompBlog, which provided a breakdown of the technology, as well as information from card issuers as the technology and its rollout developed over the past few years;
     
  • Credit Union Magazine, which provided a list of tips to prepare for EMV card integration;
     
  • The U.S. Small Business Administration, which has a webinar on EMV and small businesses scheduled for Oct. 14, as well as an archived webinar about payment fraud trends and the EMV migration;
     
  • MasterCard, Visa and American Express each have dedicated EMV information pages; and
     
  • The EMV Migration Forum is a multi-industry body that addresses EMV introduction issues and concerns.  

Credit Union Magazine - Winter 2019

Winter 2019

Alternative lending, compliance management systems, and ideas for boosting credit card portfolios are among the topics of Credit Union Magazine’s Winter 2019 edition.
App •  Digital Edition •  Subscribe

Trending

  • Compliance: Using alternative data in underwriting

  • Turn mistakes into success

  • Concerns over credit union-bank mergers, CRA ‘inaccurate, misinformed’

Tweets by CUNA_News

Polls

What's the pace of staff turnover at your CU?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors