Over the past several years, the major credit card networks
(VISA and MASTERCARD) have begun the process of converting credit
card usage in the United States to the EMV standard. The EMV
standard is a method of preventing credit card fraud by means of a
computer chip installed in the credit card. EMV compatible credit
card readers can read, verify and update the transaction codes
embedded in the credit card chip and transmit this information
securely through credit card networks. By verifying and rewriting
codes by use of a computer chip embedded in the credit card, the
credit card networks are able to significantly reduce unauthorized
and fraudulent credit card transactions.
Effective on October 1, 2015, the major credit card networks
(VISA and MASTERCARD) implemented the so-called "EMV Liability
Shift." Under these new credit card network rules, the
liability for certain types of unauthorized or fraudulent credit
card transactions shifted from the issuing bank and
