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Congresswoman Joyce Beatty

Representing the 3rd District of Ohio

EMV Credit Card Transition

EMV Implementation Date October 1, 2015

According to information provided by the Small Business Administration (SBA), on October 1, 2015, the liability for card-present counterfeit fraud losses will shift to the party (bank or business) that has not obtained Europay, MasterCard, and Visa (EMV) compatible equipment, also known as chip card technology.  These chip cards, embedded with a micro-computer chip that supports dynamic authentication, offer advanced security for in-store payments by making every transaction unique. You may have noticed these changes on your personal credit and debit cards over the past months.

As stated by the SBA, “the switch to EMV also means a change in liability for credit card fraud.  Today, if an in-store transaction is conducted using a counterfeit, stolen or otherwise compromised card, consumer losses from that transaction generally fall back on the payment processor or issuing bank, depending on the card’s terms and conditions. Beginning on October 1, 2015, a deadline set by major U.S. credit card issuers including MasterCard, Visa, Discover and American Express, the liability for card-present fraud will shift to whichever party is the least EMV-compliant in certain fraudulent transactions.”

As such, the SBA encourages small business owners, to work with their issuers, payment processors, credit card companies, and vendors to obtain the proper EMV compatible equipment to comply with the new standards.

The Small Business Administration is holding an upcoming webinar discussing the EMV transition on August 26, 2015. Information and signup are available at the link below.

SBA Webinar: EMV 101: What Small Businesses Need to Know About the Switch to Chip Card Technology

For more information, please visit the resources below from the Small Business Administration and the EMV Connection.

SBA Primer on the Transition: Migration to EMV Chip Card Technology and Your Small Business

SBA Fact Sheet: EMV and NFC: The Migration to New and More Secure Payment Technologist

Information about the EMV Coalition