With just 36 business days left until the EMV liability shift, three new studies revealed just how unprepared businesses and cardholders are for the October 1 transition.
Currently, issuers generally bear the cost of fraud associated with counterfeit cards. But come October, the party that does not support EMV bears the loss.
That could add up quickly: According to The Nilson Report, a leading publication that covers the credit card industry, global card fraud spiked 19% in just a year, hitting $16.3 billion in 2014. The United States accounts for about half those losses, it said.
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