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The implementation of chip technology in payment cards has significantly transformed the landscape of fraud prevention. In October 2014, a significant shift occurred in chargeback rules, transferring fraud liability to the weakest link at the point of sale (POS). This shift mandated that any entity not equipped with chip-enabled technology would bear the fraud liability. By 2016 and 2017, this liability shift extended to automated teller machines (ATM) and interactive teller machines (ITM), prompting debit and credit card issuers to implement chip and contactless options to thwart magnetic stripe counterfeit card fraud.
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