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Who’s Responsible for Fraud with EMV Cards in the U.S.?
For the consumer, nothing really changes when it comes to fraud liability with EMV cards. You won’t be held liable for fraudulent transactions in most cases, as long as you alert your card issuer.
Liability for fraud usually rests with the card issuer or payment processor, depending on the specific terms of the account. However, since the transition to EMV technology, fraud liability now lies with the “least-EMV compliant party,” which in some cases might be the merchant. This basically means that if the merchant didn’t install a new EMV system and people are forced to use the mag stripe, the merchant will be held liable for fraud if it occurs.
There are currently four important dates in what is known as the “EMV liability shift:”
- October 1st, 2015: Liability for fraud for most card present transactions switched to the least-EMV compliant party (excludes automated fuel dispensers at gas stations).
- October 1st, 2016: ATMs were included in the new liability rules, with the least-compliant party being held liable.
- October 1st, 2017: Automated fuel dispensers at gas stations were set to be included in the liability shift, but in 2016 this date was moved three years back.
- October 1st, 2020: Automated fuel dispensers at gas stations will be included in the new liability rules.
So October 2020 was the new date at which all card present transactions in the U.S. will be held to these standards, including automated fuel dispensers.
IMO, Apple will never abandon iMessage, nor will it ever create an Android App. The advanced messaging apps from Samsung, Google, and Verizon are all going the way of the dinosaur, as mobile carriers finally adopt RCS, and eventually implement the cross-carrier protocols.Probably starting with AT&T, carrier and Apple software will be modified such that non iMessage text will go out as RCS instead of SMS.