Starting Oct. 1, 2015, cards embedded with small microchips, also known as EMV cards, will become the standard in the United States.
Beginning on that date, the major payment processors — MasterCard, Visa, and Europay — will shift liability for fraudulent in-person credit card use to banks and retailers, meaning banks and merchants/retailers must be able to accept/supply EMV chip cards or they will be liable for losses due to fraud. EMV technology prevents that kind of fraud by adding security to in-store transactions; however, it doesn’t add any protection to shopping online.
Consumers can visit www.gochipcard.com to learn more about how EMV cards offer better security and how to use them.
