Log on

Friday's Doubleknot News - Vol. 232
9/4
/2015


IMPORTANT: The Upcoming EMV Liability Shift Does Not Apply to Online Purchases
EMV is a global payment system that uses a microprocessor chip installed on credit and debit cards to make it almost impossible to use counterfeit credit cards in card-present transactions, which are also known as in-store purchases.

Starting October 1, 2015, there will be a “liability shift” in the United States for card-present transactions only. If the financial institution providing the merchant account supports EMV but the merchant does not use a reader that supports EMV transactions, the merchant may be liable for fraudulent card-present transactions and transactions using counterfeit cards.

This liability shift does not apply to online purchases made through Doubleknot (or any other online purchase), to any other kind of card-not-present transaction, or to transactions made with a lost or stolen credit card. The liability and chargeback rules for these transactions remain the same.


 
Have a safe and happy Labor Day weekend!


Subscribe to the Friday News by email or as an RSS feed   
For the latest information and system status, follow us on Twitter

Doubleknot LLC
1300 Sixth Ave, Suite 100 | Columbus, GA | 31901
Phone (888) 839-8150 | Fax (408) 741-1000 | support@doubleknot.com
© 2016-2022 Doubleknot LLC. All rights reserved.

 

Doubleknot, LLC
20665 Fourth Street, Suite 103 | Saratoga, CA | 95070
Phone (408) 971-9120 | Fax (408) 741-1000 | Doubleknot@doubleknot.com
© 2016 Doubleknot, LLC All rights reserved.