“Both MasterCard and Visa have outlined a planned shift to the new EMV system and set a October 2015 deadline to begin using the system, The Wall Street Journal reports. Under the EMV system consumers will use a smartcard embedded with microchip and provide their PIN to complete a transaction. The chips make reproducing a card difficult for criminals. Even if the credit card information is gathered, without the chip the card is useless. Another significant piece of the new system is creating a shift of liability. If a merchant is using the old swipe-and-sign system they are liable for the fraudulent charges if the customer has a chip card.”
http://consumerist.com/2014/02/07/visa-mastercard-to-end-swipe-and-sign-by-2015/
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