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
