Search
Generic filters

Suggested search terms: geniusvx520ictbank accountfees

Who is liable for fraudulent EMV transactions?

Who is liable for fraudulent EMV transactions depends on the type of card the cardholder uses to pay and the type of terminal you use to accept payments. The following table describes who is liable for fraudulent transactions: Type of card Type of terminal Party liable for fraudulent transactions Magnetic stripe only Magnetic stripe only Card issuer Magnetic stripe only EMV compliant Card issuer EMV Magnetic stripe only Your business EMV EMV compliant Card issuer Important: If your terminal is EMV compliant and you swipe the magnetic stripe of a working EMV card or manually enter the details of a working EMV card, you are liable if the transaction is fraudulent. Read more

How does EMV help to prevent fraud?

During an EMV transaction the chip on the card creates a unique code that the card issuer authenticates before they approve or decline the transaction. This makes it difficult for fraudsters to copy and use the card’s data because the unique code won’t work for another transaction. Read more

What is EMV?

EMV is a type of technology for credit and debit cards that helps prevent fraudulent transactions. EMV terminals work by reading a chip on the credit or debit card, which is harder for fraudsters to copy compared to a credit or debit card’s magnetic stripe. Read more