Reminder: Key ATM Fraud Liability Shift Dates Posted by Association of Vermont Credit Unions on 11:39 AM

Credit unions should remind their business and retail members of key fraud liability shift dates for EMV (Europay, MasterCard, and Visa) compliance.

MasterCard set October 1, 2016, as the deadline for making ATM units compliant with chip-embedded units that can read MasterCard data.

Visa intends to shift fraud burden from card issuers to ATM owners by October 1, 2017, but both Visa and MasterCard have postponed the deadline for activating the EMV liability shift at gas stations’ automated fuel dispensers until October 1, 2020.  That's based on the premise that due to their dependence on volume sales and narrow operating margins, gas stations must make a more gradual shift to EMV compliance.

If retailers’ point-of-sale units rely on magnetic stripes as their sole means of confirming a transaction, those retailers—not the financial institution that issued the card—carry the burden of paying out of pocket for the dollar amount of fraud on units skimmers have compromised.

Estimates based on merchant surveys showed that 86% of merchants expected to have systems up and running by the end of 2016.