Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
20th September 2011
US finally pushed towards EMV cards
Action by both Visa and MasterCard is now pushing US card issuers to issue EMV (Chip & Pin) cards, for retailers to adopt the required readers and for banks to modify ATMS.
Visa has given US retailers until October 2015 to adopt EMV readers at POS. After that time the cost of the fraud may be charged back by EMV card issuers to the retailer should EMV validation not occur. MasterCard has given a tighter deadline of April 2013 for the 'liability shift' in this case to ATM owners if they do not use EMV security. This action covers the US and Asia Pacific with the exception of Australia & New Zealand given until 2015.
Europe the Middle East, Africa and Canada have had this liability shift in place for several years. The same shift will be in place Latin America by October 2012.
As well as domestic card fraud the US has become the centre for international card fraud with some large European banks stating that up to 80% of all international card fraud is occurring in the US. It is only in the last year or so that US banks have started issuing EMV compliant cards for international travellers due to the rejection of Mag stripe cards by many European retailers and some ATMs.